Rule 36(4) ITC limitation further restricted to 5% w.e.f. from 1st Jan 2021
Rule 36(4) ITC limitation further restricted to 5% w.e.f. from 1st Jan 2020 Rule 36(4) ITC limitation further restricted to 5% w.e.f. from 1st Jan 2020
Pratibha Goyal
Dec 23, 2020Rule 36(4) ITC limitation further restricted to 5% w.e.f. from 1st Jan 2021
As per GST Notification number, 94/2020-Central Tax dated 22nd Dec 2020, Rule 36(4) on ITC (Input Tax Credit) limitation has been further restricted to 5%. This will come into force w.e.f. from 1st Jan 2021.
The relevant Text of Notification is as follows:
In the said rules, in rule 36, in sub-rule (4), with effect from the 1st day of January 2021,-
(a) for the word ―uploaded, at both the places where it occurs, the word ―furnished shall be substituted;
(b) after the words, brackets and figures ―by the suppliers under sub-section (1) of section 37, at both the places where they occur, the words, letters and figure ―in FORM GSTR-1 or using the invoice furnishing facility shall be inserted;
(c) for the figures and words ―10 per cent., the figure and words ―5 per cent. shall be substituted.
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