So, the taxpayers can no longer claim 5% provisional ITC under the CGST Rule 36(4) and ensure every ITC value claimed was reflected in GSTR-2B. From 1st January 2022, businesses can avail ITC only if it is reported by the supplier in GSTR-1/ IFF and it appears in their GSTR-2B.įrom 1st January 2022, ITC claims will be allowed only if it appears in GSTR-2B. Sections 42, 43 and 43A on provisional ITC claim process, matching and reversal are eliminated.ĬGST Rule 36(4) is amended to remove 5% additional ITC over and above ITC appearing in GSTR-2B. Section 41 is also revamped to remove the references to provisional ITC claims and prescribes self-assessed ITC claims with conditions.ĥ. It also states that taxpayers will be provided information of eligible and ineligible ITC for claims.Ĥ. It lays down the manner, time, conditions and restrictions for ITC claims and has removed the two-way communication process in GST return filing on the suspended return in Form GSTR-2. Section 38 is completely revamped as ‘Communication of details of inward supplies and input tax credit’ in line with the Form GSTR-2B. Firstly, 30th November of the following year or secondly, the date of filing annual returns.ģ. Time limit to claim ITC on invoices or debit notes of a financial year is revised to earlier of two dates. ITC cannot be claimed if it is restricted in GSTR-2B available under Section 38.Ģ. Pro Tip: Get up and running with e-Invoicing in 3 minutes Request a free demoġ.
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