Hurdles to be crossed for availing input tax credit
Hurdles to be crossed for availing input tax credit · Section 16(1) and (2) – Check condition for availment of ITC · Section 17(5) Check eligibility · GSTR-2A/2B invoice details reconciliation · Payment by vendor – Follow up with vendor whether he filed GSTR-3B and paid GST of invoice issued. · Rule 36(4) restriction 105% of eligible ITC in GSTR-2A · Rule 42 and 43 · Rule 86B Restriction for payment of taxes (50 lakhs) through ITC maximum 99% · Rule 86A Check whether ITC is blocked or not by officer. · Appoint an entire team for above procedure instead of doing business! Isn’t it is so easy to avail ITC? One may think to e...