Removed mandatory requirement of furnishing GSTR 9C from CA

The mandatory requirement of furnishing a Reconciliation Statement in Form GSTR-9C certified by a Chartered Accountant has been removed. (Read below relevant section along with relevant notification) As per Notification No.29/2021 CGST dated 30-07-2021 following amendments has been done in the Finance Act 2021. It shall be applicable from 01-08-2021. Sub-section 5 of section 35 …

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Summary of Recnet GST changes-1a7271b2

Recent updates in GST

Summary of Recent updates in GST Important changes in QRMP Scheme Upcoming functionalities to be deployed on GST Portal GSTN enables Request for adjournment for Personal Hearing in GST portal Enabled mechanism to disallow use of same Certificate of Origin number in more than one Bill of Entry (BOE) in certain cases w.e.f. July 08, …

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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