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TMI BlogClarification relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020 reg. Vide Circular No. 123/42/2019 GST dated 11th November, 2019 , various issues relating to implementation of sub-rule (4) of rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) relating to availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) were clarified. 2. Keeping the situation prevailing in view of measures taken to contain the spread of COVID-19 pandemic, vide notification No. 30/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing FORM GSTR-1 for the month of September, 2020. The cumulative amount of ITC availed for the said months in FORM GSTR-3B should not exceed 110% of the cumulative value of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37 of the CGST Act , till the due date of furnishing of the statements in FORM GSTR-1 for the month of September, 2020. 3.3 It may be noted that availability of 110% of the cumulative value of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37 of the CGST Act does not mean that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2450] =2695. Taxpayer had availed ITC of 2750. Therefore, ITC of 55 [2750-2695] would be required to be reversed as mentioned in para 3.4. above. March, 2020 400 400 380 April, 2020 500 500 450 May, 2020 350 350 320 June, 2020 450 450 400 July, 2020 550 550 480 August, 2020 200 200 150 TOTAL 2750 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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