Availing ITC claim in GST return restricted to 10% instead of 20% of GSTR-2A

ITC to be restricted to 10 per cent from 20 earlier if invoices not uploaded

Input tax credit to be restricted to 10 per cent from 20 earlier if invoices not uploaded. Earlier this limit was upto 20%. This decision was taken on todays GST Council Meeting.

Some other important updates are :

1. GST Council decides to levy 28% GST on all lotteries after voting. This rate will be for both state-run and private lottery
2. GST Council decided to rationalize the rate for Woven & Non-Woven Bags to 18% w.e.f. Mar 1 , 2020
3. Due date for filing GSTR 9 and GSTR 9C has been extended from from 31.12.2019 to 31.01.2020 in view of delay in making utility available for filing GSTR 9c for FY 2017-18.
4. Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10 Jan 2020