Composition Scheme under GST- Key Highlights A taxpayer whose aggregate annual turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is Rs 75* lacs. The composition dealer enjoys high liquidity as taxes are at a lower rate (1% -6%) but no Input Tax Credit on purchases can be claimed by the … [Read more...]
The 10% Input Tax Credit Rule in GST
Input Tax Credit Rule Sub-rule 4 of Rule 36 As per the new sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, 2017, a taxpayer filing GSTR-3B can claim provisional Input Tax Credit (ITC) only to the extent of 10% of the eligible credit available in GSTR-2A. The ITC claim was earlier restricted to 20% for the period from 9 Oct 2019 till 31 … [Read more...]
Reconcile GSTR 2A for FY 19-20 before 20.10.2020
Start Reconciling GSTR-2A for FY 2019-20 Last date to rectify mistakes in terms of Non Availment/ Excess Availment of ITC or ITC reversal for FY 2019-20 is 20.10.2020 GSTR 2A means a statement of Input Tax credit and we need not file GSTR 2A legally. Hence there is no concept of due date for GSTR2A Unless supplier has reported the supply in his … [Read more...]
