ADVOCATE VISHAL JOSHI

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...

                 Maintenance of Accounts and Records under GST Regime Goods and service tax   Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of tax for fake invoicing. During detailed investigation the taxpayer at time fail to furnish proper documents or records which is required to be maintained as per GST provisions and hence they engage in protracted litigation resulting in further agony and imposition of penalty. GST Law prescribes detailed procedure for maintenance of books of accounts and records for goods or services or both. In the note below we have covered all such provisions for the ease of taxpayers. “Document” as defined under CGST RULE 2017, to  in...