GST New Input Tax Credit Rules 2023 (Every Business should know)

Introducing New Rule of ITC in 2023 - Rule 37A

Ever since the introduction of the Goods and Services Tax (GST) in India back in 2017, the world of taxes for businesses has been quite a ride. Specifically, the concept of Input Tax Credit (ITC) has played a significant role in this journey.

ITC allows registered businesses to reduce the tax they need to pay on outputs by considering the taxes already paid on their inputs. It sounds simple, right? Well, it was, at least initially. But over time, things have gotten a tad more complex.

The government keeps tweaking the rules around ITC. They added a new rule called Rule 37A in 2023, and it's pretty important. This rule impacts how you can claim ITC, and it's in effect starting from the financial year 2022-23.
New Rule 37A is Inserted vide Notification No. 26/2022 – CT dated 26.12.2022. which brings change in Input Tax Credit once again and now it is very important to follow Rule 37A w.e.f FY 2022-23

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[CAGuruJi]

📞 Call at 9150010400 (only for courses)

[venkatapadmasesharatnamkaj]

Respected madam
If a person is having means purchased a new asset for 1 lakh in april. And I t c is having 18000 claimed also.
The next month may if his out put liability is 20000 can he use entire 18000 of capital asset towards payment of tax of 20000?
Else only 18000/60 = 300 only should be used?
Which is correct utilising 300 or 18000.

[minalSathe-gm]

madam. can u make video on gst -itc & depreciation on capital goods from both seller and buyer side and it's effect in gstr1 & 2b.there is confusion about 100% itc or itc in installment on capital goods .full gst will show in 2b & buyer have to make reversal for installments.what is latest rule?.pls reply

[Ryen]

Mam mujhe gst ka practical video sikhna hai aapse taki mein ek professional ki tarah gst return ko lekar kam kar

[akshatvaraiya]

How to know that the supplier has filed GSTR3B or not?

[kartiksarkar]

Mam 🙏 Thanks for your details information

[ANILKUMAR-yjbf]

Mam agar aap example ke sath batayega to jaldi samajh me aa jaye ga

VAT k time pe vi aisa hota thaa fake rc no & invoices generated. Gst me vi same situation. Humesa fasta aaya hey purchaser.

[vishalkadiya]

If we have reverse amount in 4B(2) in period of oct-23. Then we will file GSTR-9 up to date 31-03-2023. How we will reclaim this ITC after file GSTR-9. and Vendor File GSTR-1 after 30-09-2023 this ITC will be ineligible.

So what we do???

Please guide in this case.

[oye__vansh]

Thank you for such important information... God bless you always

[niharvora]

Ye GST ne bahut paresan Kiya hai ak am admi ko chote traders ko

[indianfamily]

Rule sir mam taxpayer ke liye hai .
Humne ek cash ledger ka refund claim kia hi but 60days se uper ho gya na to refund Mila hai section 54

[RK-dttz]

Hello, , shop keliye kounsa, select karna nature of business me, ,, Hard ware shop... rental agreement last year ka uploaded karsakthe kya hum

[PK_Wala]

राहुल गांधी ने सही कहा था "गब्बर सिंह टैक्स"
यानी डाकुओं वाला लगाया हुआ टैक्स।
ये ईज़ ऑफ डूइंग बिजनेस नहीं, व्यापारियों को परेशान करने, पुंगी बजाने का टैक्स है।

[henilpatel]

if I pay via personal Credit Card for mobile phone purchase (for business use) on GST invoice so, can claim GST on it or I have to make payment via Firm's netbanking?

[vinaykumarbs]

Cancel all GST, and income tax, and we want one nation one tax rules head ache for small business people by this GST

[ProfessionalGyan]

Pooja madam in 2A quarterly filers status is showing no

[nareshkarnani]

Hello mam
Kya ye rule fy -2021-22 per bhi apply hoga kya agar supplier ne gstr-3b abhi tak file nahi kiya ho to or gstr-1 timely file kar diya ho

[freethinker]

Bas Lutne Ka naya naya bahana chahiye govt ko.

[umeamb]

I am a supplier and I want to reverse output gst due to non payment of supply from buyer.