New Input Tax Credit Rules from year 2023

Input tax credit rules are changing from the inception of GST Act and again in year 2023 these rules are changed, so it is very important to know and comply with the same for every GST registered Taxpayer

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

To Understand first Read Section 16 which talks about eligibility and conditions to claim Input Tax Credit and new change is there in Section 16(2) (c) as below:

Now Read Section 41:

Now Read Rule 37A

Here is Sample 2A in which you can find the status of supplier filled GSTR 3B or not:

Now it is very important to reconcile GSTR 2A of full finance year to check whether supplier filled GSTR 3B or not

So Do your compliance accordingly

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