Cumulative application of rule 36(4) limits input tax credit claimed; excess ITC must be reversed in September GSTR-3B. Clarifies that for February-August 2020 taxpayers must cumulatively reconcile ITC claimed in FORM GSTR-3B with supplier-uploaded invoices as per GSTR-2A up to the due date for FORM GSTR-1 for September 2020; cumulative ITC claimed must not exceed 110% of the cumulative eligible uploaded credit and any excess ITC must be reversed in Table 4(B)(2) of FORM GSTR-3B for September 2020, while the 110% allowance applies independently for September 2020.
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Cumulative application of rule 36(4) limits input tax credit claimed; excess ITC must be reversed in September GSTR-3B.
Clarifies that for February-August 2020 taxpayers must cumulatively reconcile ITC claimed in FORM GSTR-3B with supplier-uploaded invoices as per GSTR-2A up to the due date for FORM GSTR-1 for September 2020; cumulative ITC claimed must not exceed 110% of the cumulative eligible uploaded credit and any excess ITC must be reversed in Table 4(B)(2) of FORM GSTR-3B for September 2020, while the 110% allowance applies independently for September 2020.
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