Rule 36(4) Cannot Restrict Or Disallow The ITC Claimed By Assessee
The Central Board Of Indirect Taxes And Customs Vide Notification No 49/2019-Central Tax New Delhi, The 9th October,2019 Through Para 3 Inserted New Sub Rule(4) In Rule 36,After Sub Rule(3) Which Reads As Follows: In The Said Rules, In Rule 36, After Sub-Rule (3), The Following Sub-Rule Shall Be Inserted, Namely:- '(4) Input Tax Credit To Be Availed By A Registered Person 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, Shall Not Exceed 20 Per Cent. 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.' It Means That New Sub Rule 4 Of Rule 36 Is Inserted For The Invoices Which Have Not Been Uploaded By The Suppliers, A Registered Person Shall Only Avail 20% Of The ITC Which Have Been Uploaded By The Suppliers (Till Due Date I.E 10th Of Succeeding Month). OR ITC To Be Avail