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ITC RULE 36(4)

Indirect Taxation

Restriction on ITC is 5% or nil of eligible credit. applicable for nov 2022

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:35

557

Answers (11)

Best Answer

Not applicable.

CA Suraj Lakhotia

Admin

17-Aug-22 13:44

Only as per 2B

CA Suraj Lakhotia

Admin

17-Aug-22 13:35

2B Means ?

Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:37

GSTR 2B return. Only what is reflected can be taken.

CA Suraj Lakhotia

Admin

17-Aug-22 13:40

Sir I am asking, Is restriction on 5% is applicable for nov22 ca inter exam ?

Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:43

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Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:45

CA Suraj Lakhotia Admin

Not applicable.

So taken as nil. Is it sir

Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:46

We can avail itc only on reflect of 2A 2B For invoices /debit notes not uploaded by supplier for that 5% of eligible itc hereafter NIL. IS IT CORRECT SIR?

Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 13:48

Thread Starter

Prakash Murugan

We can avail itc only on reflect of 2A 2B For invoices /debit notes not uploaded by supplier for that 5% of eligible itc hereafter NIL. IS IT CORRECT SIR?

Yes. Basically earlier if 100 was reflected, we could take up to 105. Now it has to be taken up to 100 only.

CA Suraj Lakhotia

Admin

17-Aug-22 13:59

Thread Starter

Prakash Murugan

We can avail itc only on reflect of 2A 2B For invoices /debit notes not uploaded by supplier for that 5% of eligible itc hereafter NIL. IS IT CORRECT SIR?

Yes.You can take credit upto 100% only after amendments.Not more than that.

Shankari C

CA Inter

★ 12K+

17-Aug-22 14:08

CA Suraj Lakhotia Admin

Yes. Basically earlier if 100 was reflected, we could take up to 105. Now it has to be taken up to 100 only.

Thankyou sir

Thread Starter

Prakash Murugan

CA Inter

★ 710

17-Aug-22 18:49