GST Rule 36(4) - Restriction in claiming Input Tax Credits under GST

#CASansaar #GST #ITC
GST Rule 36(4) - Restriction in claiming Input Tax Credits under GST discussed by CA. Tarun Arora

Like, Share Video and Subscribe CA Sansaar YouTube Channel.
   • GST Rule 36(4) - Restriction in claim...  

RULE 36(4) - Input Tax Credit under GST :-
Update as on 22nd December 2020
1. Following are the changes in Rule 36(4) from 1st January 2021:

The ITC shall be available as per the invoices uploaded by respective suppliers either in their GSTR-1 or by using the Invoice Furnishing Facility (IFF).
The recipients can claim provisional input tax credit in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month.
2. Certain taxpayers cannot make payment from their electronic credit ledger in excess of 99% of the total tax liability for the tax period as per a new rule 86B.

3. GST Registration can be canceled if the conditions laid down under Section 16 of the CGST Act are not complied with.

Latest Update as on 3rd April 2020
The CBIC has notified that taxpayers can claim input tax credit in the GSTR-3B return from February 2020 to August 2020, without applying the rule of capping provisional ITC claims at 10% of the eligible ITC as per GSTR-2A.

While filing the GSTR-3B of September 2020, the taxpayers must cumulatively adjust ITC as per the above rule from February 2020.

Update as on 1st Jan 2020
The CBIC has revised the extent of provisional input tax credit claims from 20% to 10%.

Update as on 9th October 2019
The CBIC has notified that the input tax credit that can be availed by a registered person in respect of invoices or debit notes, will be restricted to 20% of of the eligible credit available in respect of invoices or debit notes as per details uploaded by the suppliers.

- Validity of ITC restriction (20/10/5%) under Rule 36(4),
- Rule 36(4) amended to reduce ITC entitlement from 10% to 5%,
- Constitutional Validity of Rule 36(4) of CGST Rules, 2017,
- All about Provisional Input Tax Credit (ITC) | CGST Rule 36(4),
- Clarification on application of rule 36 (4) of CGST Rules, 2017,
- Analysis of New Amendments in Rule 36 for GST ITC,
- Rule 36(4) Legal Validity & compliance,
- Rule 36(4) – Impact & Validity,
- An analysis of Rule 36(4),
- CBIC Clarifies Implementation of Rule 36 (4) of CGST Rules,
- Rule 36(4) ITC limitation further restricted to 5%,
- Input Tax Credit (ITC Rule 36(4) – Impact & Validity,
- How to comply with Rule 36(4) for claiming GST Input Tax Credit,
- How to Calculate 5% Provisional ITC in FORM GSTR-3B,
- Restrictions on input tax credit under GST,
#CASansaar #GST #ITC #Rule36(4) #36(4)

DISCLAIMER :-
This Video is for the purposes of information / knowledge and shall not be treated as solicitation in any manner or of for any other purposes whatsoever.

It shall not to be used for any legal advice /opinion and shall not to be used to rendering any professional opinion. Viewers are advised to kindly go through to original Government publications / notifications and published case laws or judicial pronouncements.

The statements and opinions expressed in video are those of the speaker and do not necessarily reflect those of the CA Sansaar or any of its employees. CASansaar Team does not take any responsibility for the views of the Speaker.

Our Social Links - Follow CA Sansaar

YouTube    / casansaarca  

Twitter   / casansaar  

Facebook   / casansaarca  

Linkedin   / casansaar