GST: Input Tax Credit Restrictions applicable w.e.f. 01st January 2021
A. Rule 36(4) of Central Goods & Services Tax Rules restricting ITC to 5% of total ITC reflecting in GSTR-2A Rule 36(4) of the Central Goods and Services Tax Rules (hereinafter referred as ‘Rules’) has been inserted by notification No.49/2019 Central Tax dated 09.10.2019 with effect from 09.10.2019 under section 164 of the Act, which restricts the credit […]
GST: E-Invoicing now applicable to entities having turnover exceeding Rs. 100 crore in any of the last 3 financial years
As per notification no. 88/2020-Central Tax dt.10th November’20, E-invoicing has been made applicable w.e.f. 01st January 2021 to entities having turnover exceeding Rs. 100 crore in any of the preceding 3 financial years. The financial years for which this limit has to be checked are FY 2017-18, 2018-19 & 2019-20. Such taxpayers will continue to generate their invoices as […]