Tag: ITC

The new Rule 36(4) has created waves across all assessees. For the first time, a serious examination of the GSTR 2A is being done...

While Rule 36 provides for the condition of entitlement, Section 49 read with Rule 86 provides for as to how much ITC shall be credited to the electronic credit ledger.  There is a big difference between entitlement and crediting of amounts to the ledger.  Any restriction on entitlement should be brought by way of Section 16, while any restriction on the crediting of such amount in the electronic credit ledger should be brought vide Section 49.  The Sub Rule provides for the restricting the entitlement itself (as it forms part of Rule 36), which means that ITC which was otherwise available to him has been made ineligible merely on account of non uploading of details by the supplier.

Rule 36(4) of Central Goods and services Tax Rules, 2017 has brought in a substantial change by restricting the vailable Input Tax Credit (ITC)...

This clarification forms part of the FAQ released by the CBIC on real estate sector Builders will have to refund GST paid by home buyers in case he cancels the...

This means that tax authorities can levy interest on the gross tax liability of an assessee if there is any delay in tax payment. The...