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Notification No. 94/2020 – Central Tax – Amendment in CGST rules

Notification 4/2021
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On 22nd December 2020, the CBIC has issued the Notification No. 94/2020 in which the various provisions related to ITC utilization and Registration has been amended and introduced respectively.

Amendment in Rule 36(4) – Now the limit of 10% has been reduced to 5%

Insertion of Rule 86B – The registered person shall not use the amount available in electronic credit ledger
to discharge his liability towards output tax in excess of ninety-nine per cent. of such tax liability, in cases
where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds fifty
lakh rupees.

To view and download the Notification, click here NN 9

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