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Prashanth C

Latest Posts by Prashanth C

GST- Provisional ITC capped at 20% & it’s practical challenges

December 10, 2019 10479 Views 1 comment Print

Goods and service tax, being a tax on the value addition made by suppliers, is paid by netting off the tax receivable from customers (Output GST) with the tax payable to suppliers (Input GST). Pursuant to 37th GST council meeting, CBIC has released a new notification1 inserting sub-rule 36 (4) to the CGST Rules, 2017, (‘Rules’) which curtails the maximum amount that a taxpayer can avail as Input tax credit (‘ITC’).

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