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@IRISGST
Awarded Best TaxTech-2021,2022 & Best Fintech-2021 @iris_irp |#GSP |#EInvoicing |#GSTSoftware | #Ewaybill |#taxtech| @iris_peridot LinkedIn @irisgstofficial
Dec 23, 2020 • 4 tweets • 2 min read
#GST #Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

Restriction on Utilization of Input Tax Credit (#ITC ) – Newly inserted Rule 86B Rule 86B shall be affected from 1st Jan 2021 wherein restriction has been placed on setting off more than 99% of tax liability from ITC where the value of taxable supplies other than exempt supply and zero rated supply exceeds Rs. 50 lakhs in a month.
Dec 23, 2020 • 7 tweets • 2 min read
#GST #Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

Cancellation of #GSTIN made more stringent With insertion of new clauses to Rule 21 - Officer can proceed for cancellation of GSTIN
Clause (e) - where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16.
(Section 16 is eligibility and conditions for claiming ITC)
Dec 23, 2020 • 5 tweets • 1 min read
Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

GSTR 1 to be blocked in case of non-filing of GSTR 3B Where a taxpayer fails to file GSTR 3B for two subsequent months, not just his EWB but also his GSTR 1 be blocked.