Monthly Archives - November 2019

How to deal with the 20% restriction on availment of Input Tax Credit

The recent notification followed by a circular issued on 11 November 2019 states regarding restriction on availment of ITC. The ITC in respect of invoices or debit notes, the details of which have not been provided for by the supplier has been restricted. This is not an automatic restriction by the portal and has to be exercised by the taxpayer himself on basis the reconciliation. What’s the restriction? The taxpayers claiming ITC on the basis of the invoices, are now required to ascertain if the corresponding details are uploaded by the [...]

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