is maximum ITC availment is blocked at 110% of that appearing in gstr 2A? has this been notified already or till date 120% is still allowed?
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Quick Summary
This discussion clarifies the rules surrounding Input Tax Credit (ITC) availment. The 110% limit, effective from 1st January 2020, is now the standard, replacing the previous 120% allowance. This change was officially notified via Notification 75/2019 CT.
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Posted on 03 February 2020
The rule is effective from 1st Jan 2020. Earlier it was 20% from 9 Oct 2019 to 31st Dec 2019