The Central Board of Excise and Customs (CBEC) recently notified that refund cannot be allowed on unutilised input tax credit on corduroy fabrics supply under the new Goods and Services Tax (GST) laws.
Earlier, the decision was approved by the GST Council in its last meeting held at Hyderabad.
The Notification issued on Friday seeks to amend notification no. 5/2017- Central Tax (rate) dated 28.06.2017 to give effect to GST council decisions regarding restriction of refund on corduroy fabrics.
Read the full text of the Notification below.
