Amendment in Notification No. (05/2017) FD 48 CSL 2017 dated the 29th June, 2017 - (20/2018) FD 48 CSL 2017 - Karnataka SGST

FINANCE SECRETARIAT NOTIFICATION (20/2018) No: FD 48 CSL 2017, Bengaluru, dated: 26/07/2018 In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Karnataka Goods and Services Tax Act, 2017 (Karnataka Act 27 of 20 17), the Government of Karnataka, on the recommendations of the Council, hereby makes the following further amendments in the notification (05/2017) No. FD 48 CSL 2017 of the Government of Karnataka, dated the 29 th June, 2017, published in the Karnataka Gazette, Extraordinary, Part-IVA, Number 595, dated the 29 th June, 2017, namely:- In the said notification, in the opening paragraph, the following proviso shall be inserted, namely, Provided that,- (i) nothing contained in this notification shall apply to the input tax credit accumulated on supplies received on or after the 1st day of August, 2018, in respect of goods mentioned at serial numbers 1, 2, 3, 4, 5, 6, 6A, 6B, 6C and 7 of the Table below; and (ii) in respect of said goods, the accumulated input tax credit lying unutilised in balance, after payment of tax for and upto the month of July, 2018, on the inward supplies received up to the 31st day of July 2018, shall lapse. . 2. This Notification shall come into force with effect from 27 th July, 2018. By Order and in the name of the Governor of Karnataka, K. S. PADMAVATHI Under Secretary to Government Finance Department (C.T.-1)