Day: December 25, 2020

GST COLLECTION

Recent GST Updates and Amendments

1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
financial year
➢ Govt. department, PSU, local authority or statutory body

TOP STATE NEWS

Today Top State News

Today Top State News Ladakh: Tso Kar wetland complex added to Ramsar Site: In a significant development to conservation of biodiversity, India has added Tso Kar wetland complex to the Ramsar Site. Tso Kar, the 42nd Wetland of International Importance, is at more than 4,500 metres above sea level in the Changthang region of Ladakh. …

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