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In order to poke the taxpayers to file their statement of outgoing supplies (GSTR-1), limits on availing of input tax credit (ITC) by the beneficiary was obligatory by inserting Rule 36(4) of the CGST Rules, 2017. Lately considering Covid-19 Outbreak assistance was accorded whereby it was agreed that said sub-rule will not be relevant while filing of returns under GST (GSTR-3B) for the time period of February to August 2020 and will be valid on a collective basis for these mentioned months, while filing of return for the month of September. Before going further first let us understand the restriction under Statutory provision (Rule 36(4)) under CGST.
The rule in CGST Rules, 2017, is mentioned below:-
”The ITC to be availed by any individual who is indexed in accordance of debit notes or bills, the particulars by the traders have not been uploaded under 37 (1), shall not go beyond 20 percent of the entitled credit obtainable in respect of debit notes or bills, particulars by the suppliers have not been uploaded under 37 (1).”
Read our article:Types of GST Returns and Their Due Dates
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