ITC - what is the latest notification

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This discussion addresses recent notifications regarding Input Tax Credit (ITC) in light of COVID-19. It clarifies changes to GST rules, specifically lowering the ITC to 10% from 20% if invoices aren't reflected in filings, as per Notification No. 30/2020. The conversation also touches upon extended due dates for GSTR-3B and GSTR-1 filings for March and April, with relief measures being provided due to the pandemic.

Pragna Marfatia

Pragna Marfatia (Querist)

04 April 2020 Is there any latest notification on ITC because of COVID 19? Has government given any benefits?
Latest I know is
Government notifies changes to rules on input tax credit. The Centre has notified changes to the goods and services tax (GST) rules, lowering the input tax credit to 10% from 20% of eligible credit, if invoices or debit notes are not reflected in filings.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 April 2020 Notification No. 30/2020 – Central Tax
New Delhi, the 3rd April, 2020

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Pragna Marfatia

Pragna Marfatia (Querist)

04 April 2020 Seetharaman Sir,
Thanks. What is this notification 30/2020 - Central tax? I am unable to find it. Can you please explain.

Also for GSTr3B March and April tax payment to be done by July 3 and 6 respectively - is it correct?
Is there any date announced for Jan-March GSTR1 return filing.
I will be grateful for your guidance.

CA Suresh Jain

CA Suresh Jain (Expert)

04 April 2020 Please visit https://cbic.gov.in/htdocs-cbec/gst/central-tax-notfns-2017

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 April 2020 See the link. https://www.a2ztaxcorp.com/cbic-issues-notification-to-provide-relief-by-way-of-waiver-of-late-fees-payable-in-form-gstr-3b/

Read more at: https://www.caclubindia.com/experts/gstr3b-march-april-may-dates-and-gstr1-date-2789314.asp

Guest

Guest (Expert)

10 April 2020 Yes relief is provided by issuing various notification because of COVID 19. One of the notification deals with no matching of ITC with GSTR2A. The link is as follows:

https://youtu.be/wfg-4Chttyg

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