The CBIC has recently notified certain changes related
to claiming input tax credit (ITC). Please find below the key changes notified:
- Restriction on claiming ITC (amendment to Rule
36(4) effective from 1 January 2021): A registered person
can claim ITC in respect of invoices or debit notes not reflected in Form
GSTR-01 only to the extent of 5% (instead of 10% earlier) of total
eligible credit as per the details furnished by the supplier in Form
GSTR-01.
- Restriction on use of amount available in the
electronic credit ledger (new Rule 86B inserted effective from 1 January
2021): The new rule
provides that the registered person shall not use the amount available in
electronic credit ledger to discharge his liability towards output tax in
excess of 99% of such tax liability, in cases where the value of taxable
supply other than exempt supply and zero-rated supply, in a month exceeds
INR 50 lakh.
Filing of details of outward supplies (Form GSTR-1) to be blocked in certain cases
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