Nitty Gritty of GST
The government has notified several changes in the GST law and has also put into effect several amendments brought in vide the Finance Act, 2020. This alert covers the key changes notified in the GST law.
Rule 86B has been inserted to restrict the utilization of Input Tax Credit (ITC) to the extent of 99% of tax liability for the relevant period for taxpayers having taxable supply (other than exempt supply and zero-rated supply) in a month exceeding INR 5 million. This restriction does not apply to taxpayers.
New updates and amendments have been brought into GST guidelines in 2021 changes in rule 86B, QRMP scheme and many more.
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