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

₹ 47,705.80  ₹ 243.62  0.51%  
₹ 14,296.40  ₹ 63.05  0.44%  
₹ 31,112.70  ₹ 95.70  0.31%  
₹ 75.29  ₹ 0.4390  0.59%  
GSTN Portal new GST signer and disabled “emsigner” ICSI Update 17th April, 2021 Read our new article - CBIC- Attention Taxpayers Today is last Date of GSTR-1 GST TAXPAYERS WHO ARE UNDER QRMP SCHEME? Auto-population of e-invoice details into GSTR-1 trial ITR 1 and 4 Utilities for has been available for E-filing for the Assessment year 2021-2022 Accounting Software with Audit Trail