GST registration can be cancelled or suspended under CGST Rules, 2017 21A at the discretion of the tax officer in certain cases; 2. The claim of ITC in respect of invoices not furnished by the corresponding vendors has now been restricted to 5% of the credit available in GSTR 2B. GST: CBIC notifies new Rule restricting the use of ITC for discharging the Output Tax liability [Read Notification] By Taxscan Team - On December 23, 2020 10:21 am The Central Board of Indirect Taxes and Customs (CBIC) notified new Rule restricting the use of Input Tax Credit (ITC) for discharging the output tax liability. India’s Gujarat High Court on 24 July 2020 issued a landmark decision that where a refund of unutilized goods and services tax (GST) input tax credit (ITC) is available under an inverted duty structure, the refund includes GST incurred on input services. This alert covers the key changes notified in the GST law. An additional amount of 10% of eligible ITC reflecting in GSTR 2A is also allowed. B will pay invoice amount + GST to A. As notified vide Notification No 94/2020 – the amendment in Rule 21A of GST Rules, 2017 came to effect to enable the GST officers can now suspend a GST Registration with immediate effect if they found significant anomalies in GSTR3B Returns. In this article, we will study about the major changes applicable under the GST from New Year 2020 and it includes Powers of Commissioner to block ITC under new Rule 86A, Restriction on claim of ITC, Blocking of generation of E-way Bill, if GSTR-1 not filed, Creating QR codes for B2C supplies, Mandatory E-Invoicing under GST, New GST Returns system, Waiver of late fees for Non-filing of … Can you take 100% ITC with new ITC rules under GST? CBIC amends Central Goods & Services Tax Rules 2017 [CGST Rules for short] and restricted the amount of eligible Input Tax Credit to 10% from earlier 20% in case of mismatch, for which introduced limit of 10 % on input tax credit [ITC] on inward supply of goods & services, through Rule 36[4] of the Central Goods and Services Tax Rules, supported by section 43A of the Central Goods and … 2017 for the months of February, 2020 to August, 2020 – reg. 94/2020 dated 22 nd December, 2020 which was applicable from 1 st January, 2021. Summary of Important Amendments to GST Rules as per the notifications issued on 23.03.2020:-GST Registration:-As per Notification No. Earlier on 11th November 2019, CBIC had clarified that ITC is to be availed based on Invoices or debit notes reported by suppliers. Earlier on 11th November 2019, CBIC had clarified that ITC is to be availed based … New Rule for GST ITC Utilization. Can ITC be claimed if the same is not reflected in GSTR 2A? Important Changes introduced CGST(Fourteenth Amendment) Rules 2020: Time limit for system-based GST Registration increased. FY and the September following the FY, became an important activity. Advertisement. Vide Circular No. 10 Changes in GST as per New Notification 94/2020 applicable from 1 January 2021 10 Changes introduced CGST(Fourteenth Amendment) Rules 2020 1) Restriction on claim of ITC as per Rule 36(4) The claim of ITC in respect of invoices not furnished by the corresponding vendors has now been restricted to 5% of the credit available in GSTR 2B. In every way, the newly introduced rules are harsher which will eventually regulate … … The efforts to check GST invoice fraud has led to better compliance and has been attributed for GST collections reaching the record high of Rs 1.15 lakh crore for December 2020. 22-12-2020 CGST(Fourteenth Amendment) Rules 2020 notified via notification 94/2020 Application for registration under Rule 8 shall be followed by biometric based Aadhar authentication or biometric and KYC documents verification unless the applicant is exempted under Section 25(6D) 94/2020-Central Tax dated 22 December 2020- The CBIC has introduced very important changes in GST as per new Notification No. 35/2020-Central Tax, dt. … The article concentrates on the important rule inserted with respect to the … Yes, It is possible with these conditions . The amount of eligible credit is arrived upon those invoices or debit notes, the details of which have been uploaded by the suppliers in the GSTR-2A only. This limit earlier was 10% of ITC available. The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country. In GSTR-9, taxpayers had to report and explain the differences in ITC claimed. The due date for this return is January 31, 2020. The GST Council had approved a proposal in this regard at its meeting on December 18 to check tax evasion and menace of fake invoicing. 28-04-2020: View : View : Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017. Key changes brought in Goods and Service Tax Rules, 2017 through Notification No. During the time of lockdown, the provisions of the rule were relaxed. 03-04-2020: View : View : Seeks to extend due date for furnishing FORM GSTR-3B for supply made in the month of May, 2020. Background and facts of the case. 1. Out of all changes, one major change is related to Restriction on claim of ITC as per Rule 36(4).. CBIC has issued Notification No 94/2020 - Central Tax Dated 22nd December 2020 for amendment in CGST rules vide Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020. GST available on Health Insurance paid after April 15, 2020 but read the fine prints. Secondly, if you get 83.33% ITC reflection in GSTR-2A by forcing to the supplier in the case of ITC bellow 83.33%. Seeks to make fifth amendment (2020) to CGST Rules. That means, now department shall be required to review and grant registration within 7 days against 3 days as provided earlier from the date of filing of registration application. This means that you can claim the ITC in any return due and filed by January 31, 2020. Trending. CBEC-20/06/13/2019-GST Government of India Ministry of Finance ... reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules - reg. The government has notified several changes in the GST law and has also put into effect several amendments brought in vide the Finance Act, 2020. It has also permitted officers at the level of commissioners to bar debit of input tax credit for one year in case of credit being availed fraudulently. These rules amend the provisions relating to - Grant of GST Registration; Power to suspend or cancel GST Registration; Manner and extent of utilization of Input Tax Credit Firstly, if 83.33% (83.33 + 83.33*20%=100) or above ITC is reflecting in your GSTR-2A on Portal. 16/2020- dated 23.03.2020:- Authentication of Aadhaar number for grant of registration . GST Notification 94/2020-Central Tax ,dt. CBIC has issued a Departmental Circular No 142/12/2020- GST on 9th October 2020 clarifying the applicability of Rule 36(4) of the CGST Rules, 2017 for the months of Feb 20 to Aug 20.. 123/42/2019 – GST dated 11th November, 2019, various issues relating to implementation of sub-rule (4) of rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) relating to availment of input tax credit (ITC) in Thus, GST Reconciliation for the annual period i.e. Restriction on claim of ITC to 5% vide CGST (Fourteenth Amendment) Rules, 2020. 98/17/2019 – GST through which it made amendments in respect of utilization of ITC under GST. Updated on January 22, 2021 Posted by Arpit Kulshrestha Posted in GST India, Latest GST News & Updates. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2021- recipients can claim provisional Input Tax Credit (“ITC”) in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month; 3. 20 th October, 2020; or. Let us understand the question with the help of an example. As per the sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, 2017, a taxpayer filing GSTR-3B can claim provisional Input Tax Credit (ITC) only to the extent of 5% of the eligible credit available in GSTR-2A. CBIC has issued a Departmental Circular No 142/12/2020- GST on 9th October 2020 clarifying the applicability of Rule 36(4) of the CGST Rules, 2017 for the months of Feb 20 to Aug 20. In order to keep a check on fraudulent cases, Government amended the ITC rules to put a cap on the limit of provisional ITC that can be claimed. The time for system-based registration has been enhanced from 3 days to 7 days. Due date for filing of GSTR-3B returns for tax period of September, 2020, i.e. A detailed SOP (Standard Operating Procedure) in this regard was issued by CBIC on 11 th Feb 2021, vide Circular No: 145/01/2021-GST dated: 11.02.2021. This limit earlier was 10% of ITC available. Rule 36(IV) of CGST Rules provides for the restriction on the input tax credit. Home; SUBSCRIBER SECTION ; GST UPDATES; GST available on Health Insurance paid after April 15, 2020 but read the fine prints; GST available on Health Insurance paid after April 15, 2020 but read the fine prints. Government on April 23, 2019 issued Circular No. May 9, 2020 May 9, 2020 gstindiaguide. The new rules will come into effect from January 1, 2020. New changes and some additions have been implemented inside the goods and services tax plan through the 14th GST amendment rules 2020. | gst input tax credit claim period LIFT PAR PAID KIYE HUE GST KA INPUT CREDIT CLAIM HOGA ? *With effect from 1 Jan 2020; was earlier restricted to 20% for the period from 9 Oct 2019 to 31 Dec 2019. Central Government on the commendations of the Council has informed the CGST (Fourteenth amendment) Rules, 2020 to amend the CGST Rules 2017. This would be mean that a taxpayer’s ITC claim shallRead More . 37/2020-Central Tax, dt. A is liable to pay the GST to the Government. 2. The last reporting period in which you can claim an ITC for the tax you were charged on the office furniture is the reporting period October 1, 2019 to December 31, 2019. 36/2020-Central Tax, dt. Between Fine Lines by CA. For Instance, A sells goods to B. Highlights / Key Amendments introduced CGST (Fourteenth Amendment) Rules 2020: Application for GST Registration (Rule 9) ... 10 % cap of claiming ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers has been reduced to 5 per cent. A taxpayer can avail the ITC of invoices reflecting in GSTR 2A. The Central Board of Indirect Taxes and Customs, on the recommendations of the GST Council, had released a notification (94/202-Central Tax) on December 22, making a number of crucial amendments to the Central Goods and Service Tax Rules, 2017. New Rule of GST ITC May Generate Conflict for Honest Taxpayers. (Dr.) Gaurav Gupta. The GSTR-3B for the month of September, 2020 is going to be a critical GST return in regard to Input Tax Credit. 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