4 Rule 36.3: Acquisitions during and after the offer. 3) HSN Code compulsion of 6 Digit instead of 4 Digits: It took 3 years for taxpayer to get familiar with 4 digits of HSN code under GST law. You may refer our video on Youtube also:  ITC RULE 36(4) / 20%-10% ITC RULE 36(4) / Restriction of 20% ITC full Discuss in detailKindly “Subscribe” our channel on YouTube for regular updates on Income Tax & GST. This means that the LOWER of provisional ITC ordifference in eligible ITC (between books and GSTR-2A) will be considered. 25,000 credit can be claimed in alater tax period once the supplier has uploaded the pending invoices. Taxpayers are not in condition to accept this new trial from GST Council. ITC RULE 36(4) / 20%-10% ITC RULE 36(4) / Restriction of 20% ITC full Discuss in detail, 311, Amba Tower, Community Center, DC Chowk, Sector 9, Rohini, New Delhi 110085. Rule 36(4) was first inserted by Government w.e.f. There is a huge deficit of trained man power in billing and account related work in most business establishments. On which Invoices/debit notes restriction would be apply/ what is eligible credit for the purposeof this restriction?➢ The restriction on provisional credit will apply to those invoices/debit notes which were supposedto be uploaded by the suppliers and have not been uploaded.➢ This means that a taxpayer can avail full ITC in terms of IGST paid on imports, credit that has beenreceived from an Input Service Distributor (ISD), credit from documents received under reversechargemechanism and any other such credit, which are outside the ambit of Section 37(1) ,provided other eligibility conditions for availment of ITC are met in respect of the same. If any queries/doubt, feel free to contact us at [email protected]. Any light to attract the attention of another vessel shall be such that it cannot be mistaken for any aid to navigation. Takeover Panel: Rule 36.3. For the purpose of this Rule the use of high-intensity intermittent or revolving lights, such as strobe lights, shall be avoided. Your email address will not be published. (2) Form; […] Please stop trial under GST LAW. Rule 36 serves two vital purposes, both of which are designed to reduce trial time. In a great extent unemployment will be solved also. What is the implication of the above sub-rule?➢ Before 9th October 2019, all taxpayers claimed ITC on a self-declaration basis in Table 4(a) of GSTR-3B. Takeover Panel: Rule 36.4. 3. This Rule directly links Taxpayer ITC with GSTR-2A. 2) RULE 36 (Taxpayer can avail ITC (+10%) what is reflected in GSTR-2A) : Due to large amount of Tax evasion and erroneous GSTR3-B along with incorrect ITC, government has introducedRule 36 in GST LAW to plug in this loophole. Sir, © ACTS Project Consortium. WE STRONGLY OPPOSE THIS RULE AND REQUEST FOR DELETION OF THIS RULE IMMEDIATELY. This will not only give relief to tax payers, but will allow extra time for proper filing of returns. The balance Rs. Government has already put many checks / process in filing returns. Taxpayer is allowed ITC of amount equal to GSTR-2A + 10% over and above ITC shown in GSTR-2A. This means that they declared the summary figure of eligible tax credits under IGST, CGST, andSGST. 2) RULE 36 (Taxpayer can avail ITC (+10%) what is reflected in GSTR-2A) : Due to large amount of Tax evasion and erroneous GSTR3-B along with incorrect ITC, government has introducedRule 36 in GST LAW to plug in this loophole. What is the purpose of the above?➢ To restrict the business of Fake/Bogus Invoices.➢ This aims to induce the suppliers in timely filing of their statement of outward supplies. This sub-rule states that registered recipients of goods/services can avail input tax credit in respect of the invoices/debit notes, the details which have not uploaded by the supplier in the GSTR 1 only upto a restricted limit of 10%* (NN. This project has been funded with support from the European Commission.This publication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. 5. Rule 36 (Signals to attract attention) If necessary to attract the attention of another vessel any vessel may make light or sound signals that cannot be mistaken for any signal authorised elsewhere in these Rules, or may direct the beam of her searchlight in the direction of the danger, in such a way as not to embarrass any vessel. Many sectors were badly affected and they see ray of light now. I am agree with the request to Honble Finance Minister of India & also request to The Honble Finance Minister of India to,relax any kind of penalty,interest & late fee for atleast 5 years only as because it is a new chapter of tax after independence of Soverign Democratic Republic of India.

ADA & Co. established in 2013 offers a full range of financial services including Business, Taxation, Auditing and Accounting Services. (1) Scope.

Itwill be linked to the total eligible ITC from all suppliers based on details uploaded in the GSTR-2A.7. Your email address will not be published. GST Council, Ministry of Finance Therefore, ITC will be available to the recipient to the limit of 110% of the invoicesactually uploaded by the supplier required.
If necessary to attract the attention of another vessel any vessel may make light or sound signals that cannot be mistaken for any signal authorized elsewhere in these Rules, or may direct the beam of her searchlight in the direction of the danger, in such a way as not to embarrass any vessel. In order to submit a comment to this post, please write this code along with your comment: 9f950443563b84f75ecf1ef32500d31f. – Audit u/s 44AD or 44ADA Applicable or Not? It will again derail compliance which is already too much. Copyright © TaxGuru. Disclaimer – Author has exercised utmost care while writing this article, but still this article may contain some error or mistake and no part of this article/writing should be construed or considered as any advice or consultancy whether professional or otherwise. Hence, a taxpayermay claim up to 10% of ITC based on invoices uploaded by his suppliers as on the date of filing hisGSTR-3B. 1) What is ITC Rule 36(4) under CGST Rules, 2017?➢ This sub-rule states that registered recipients of goods/services can avail input tax credit inrespect of the invoices/debit notes, the details which have not uploaded by the supplier in theGSTR 1 only upto a restricted limit of 10%* (NN. Thus, in case credit is availed in respect ofinvoices not reflected in its GSTR 2A beyond the prescribed limit in sub-rule 4, it will triggerpunitive provisions. If necessary to attract the attention of another vessel any vessel may make light or sound signals that cannot be mistaken for any signal authorised elsewhere in these Rules, or may direct the beam of her searchlight in the direction of the danger, in such a way as not to embarrass any vessel. 7 Rule 36.6: Warning about control position. * Earlier, it was 20%. due to heavy penalty they are not in a position to file ruturn under this COVID19. Since,The ITC claim will not be allowed in full for any recipient if their suppliers have not furnished thedetails of their outward supplies, recipients would nudge the suppliers to file the return (GSTR 1)on time.➢ The government intends to disallow the input tax credit on account of mis-match and also put torest any litigation on this account by codifying disallowance of credit in case of mis-match by wayof insertion of Rule 36(4) in the CGST Rules. It has been clarified in the Circular that, being a new provision, it will not be imposed throughthe common portal and it is the responsibility of the taxpayer that credit is availed in terms ofRule 36(4) of the CGST Rules on self-assessment basis.

Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. 5 Rule 36.4: Offer for between 30% and 50%. This Rule directly links Taxpayer ITC with GSTR-2A. When did this sub-rule come into effect?➢ It has been stated in the circular that restriction under rule 36(4) will be applicable oninvoices/debit notes on which credit is availed after 09.10.2019.➢ This sub-rule was notified vide Notification No.49/2019-Central Tax, dated 09.10.2019 in theOfficial Gazette.➢ CBIC further issued Circular no.123/42/2019-GST dated 11.11.2019 for clarification of variousdoubts that would generally arise in the minds of the professionals and industry peers.➢ This sub-rule was further amended vide Notification No.75/2019-Central Tax, dated 26.12.2019 inthe Official Gazette.
6. What is the cut-off date for claiming provisional ITC from GSTR 2A of which date?➢ As GSTR-2A is a dynamic form which updates based on details uploaded by suppliers, the cut-offdate for claiming provisional credit will be the due date of filing returns only. However, unfortunately, the Covid-19 epidemic has not subsided to the levels expected at the time of granting these reliefs and trade and industry are still reeling under its adverse impact, which has created a great handicap.

All Rights Reserved. The Chairperson On top of that, it will be herculean task for tax payers to educate accountants with new system of HSN code. Whether restriction is to be calculated supplier wise or on consolidation basis?➢ The restriction on 10% provisional credit will not be supplier-wise and is on consolidated basis. We can assist you with any of your business needs whether you are just starting out or operate a mature business. They cannot redesign / realign their software with 6 digit HSN code. 6 Rule 36.5: Offer for 30% or more requires 50% approval. Correct filing of returns is “need of hour” instead of filing improper returns in hurry. Join our newsletter to stay updated on Taxation and Corporate Law. 5,000(Rs. Ahilya Chamber of Commerce and Industry has made a representation to Chairperson of GST Council, Ministry of Finance for Waiver of Penalty under GST Law, relaxation of RULE 36 (Taxpayer can avail ITC (+10%) what is reflected in GSTR-2A)  and relaxation of requirement of 6 Digit HSN Code. Example Showing Calculation of Provisional CreditSuppose XYZ Ltd. is filing its GSTR-3B for the month of November 2019, here is how he would claiminput tax credit in his GSTR-3B before and after the implementation of the rule. Government introduce accountancy subject in High school level. This will enable the recipients to avail the entire eligible ITC for thatparticular period on time. Entry of Judgment – Judgment of Affirmance Without Opinion. We, therefore, request you to please consider the following: As mentioned above, you were considerate to waive of/reduce penalty under GST law till 30th Sep 2020. Business is trying to recover and gain momentum. 50,000*10%) in his GSTR-3B of November 2019. 2. Very truly yours, For Ahilya Chamber of Commerce and Industry, extention of waiver of penalty from 30.09.2020 to 31.03.2021 will help all the small traders and manufacturers to file their return. 75/2019-CT Dated 26.12.2019) of the eligiblecredit available reflected through the bills\invoices already uploaded in the GSTR 1 and reflectedin GSTR 2A. due to heavy penalty they are not in a position to file ruturn under this COVID19, extention of waiver of penalty from 30.09.2020 to 31.03.2021 will help all the small traders and manufacturers to file their return. The balance ITC may be claimed by the taxpayer in any of the succeeding months provideddetails invoices are uploaded by the suppliers.➢ However, the provisional ITC availed in a tax period shall be limited to ensure that the total ITCavailed does not exceed the total eligible ITC. 4. All rights reserved, Section I - Conduct of vessels in any condition of visibility, Section II - Conduct of vessels in sight of one another, Rule 18 (Responsibilities between vessels), Section III - Conduct of vessels in restricted visibility, Rule 19 (Conduct of vessels in restricted visibility), Rule 25 (Sailing vessels underway and vessels under oars), Rule 27 (Vessels not under command or restricted in their ability to manoeuvre), Rule 28 (Vessels constrained by their draught), Rule 30 (Anchored vessels and vessels aground), Rule 34 (Manoeuvring and warning signals), Rule 35 (Sound signals in restricted visibility), Annex I - Positioning and technical details of lights and shapes, Annex II - Additional signals for vessel fishing in close proximity, Annex III - Technical details of sound signalling appliances. Depriving recipient“ITC” for amount which he has already paid, is a great hardship, unjust and against his fundamental right.


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