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Below are the clarifications sorted vide Cir No 123/42/2019 dated 11 Nov 2019: 1. Restriction of 20% availment of ITC is on consolidated basis (not supplier wise) w.e.f 9th Oct 2019. Further, the said restriction for availing ITC is in respect of ONLY those invoices / Dr notes, details of which are required to be […]
Let us discuss the practical process/journal entries of availing ITC restricted to 20% more of invoices uploaded by the suppliers in our books of accounts.
Restriction in availment of input tax credit (ITC) in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 (i.e. 80-20 Rule). Reference:- Circular No. 123/42/2019– Dt. 11-11-2019, in regards to the clarification on availment of ITC from Current Month For your ease of understanding, we summarised the same circular as follows; Particulars Remarks Whether Common Portal Restrict […]
Government has made Document Identification Number (DIN) mandatory to be mentioned an all communications issued by officers of CBIC to taxpayers and other concerned persons. The Punjab and Haryana High Court vide order dated 04.11.2019 has directed Goods and Services (GST) Department to allow filing or revising Form TRAN-1 either electronically or manually. It may therefore, be advisable for the taxpayers to take benefit of this opportunity provided by courts and approach the respective adjudicating authorities.
Analysis of CBIC Circular no 123/42/2019-GST issued to clarify the restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 CBIC has issued Circular No. 123/42/2019-GST dated 11th November 2019 in order to clarify the restriction in availment of input tax credit in terms of sub-rule […]
There is a lot of confusion and the process of availing the restricted input tax credit in the industry. Keeping in view of all these, CBIC has issued Circular No. 123/42/2019– GST dated 11th Nov 2019 to clarify pointers regarding availing of the restricted input tax credit by the traders. Though the circular clarifies most of the points, there […]
Sub-rule (4) to rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) provide restriction in availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37of the Central Goods and Services Tax Act, 2017
CBIC has issued Circular No. 123/42/2019–GST dated 11th November 2019 clarifying Restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. The key summary of the circular has been given below for easy understanding: This is a clarification to the Notification No 49/2019-Central Tax dated 9th […]
As per Circular issued, the restriction of 36(4) will be applicable where credit is availed after 09 10 2019. As credit is deemed to be availed on submission of GSTR 38, it appears to be applicable for returns of any period filed after 09. 10.2019 implying retrospective applicability (circular extending provision applicability) and discriminating eligibility of ITC for the taxpayers filing return before and after prescribed date.
t has clarified that restriction on input Tax Credit under GST shall not be imposed through common portal and will be the responsibility of the taxpayer to claim restricted input on self-assessment basis.
