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New order of utilization of ITC with automated set-off template in excel

New order of utilization of input tax credit (ITC) with automated set-off template in excel

Section 49A and Section 49B were introduced in the GST Law vide CGST Amendment Act 2018, to be effective from 1st February 2019, specifying the provision related to the new order of utilization of input tax credit under GST.

While the new set-off enabling provision is apparently effective from 1^st February 2019, the manner of set-off was notified under new Rule 88A of CGST Rules 2017, vide notification no. 16/2019-CT dated 29.03.2019.

Post implementation of Sec. 49A, challenges are being faced by the trade and industry in application of the new set-off order.

Central Board of Indirect Taxes and Customs (CBIC) had recently issued Circular No.

98/17/2019-GST dated 23.04.2019, in order to provide clarification in respect of the order of utilization of input tax credit under GST. Below mentioned are the key highlights of the Circular:

The newly inserted Rule 88A of the CGST Rules 2017 allows utilization