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As per Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1s.
From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit.
In case availment is in excess of the same ,GST need to be paid more taking the credit more than the admissible under Rule 36(4) of the tax reflected in your GSTR 2A for the said period.
In case such credit has been utilised for paying tax, the same may be deposited through FORM DRC-03 with applicable interest.
In case the opportunity for voluntary compliance as suggested is not availed, appropriate action for recovery of excess ITC availed with interest and imposition of penalty shall be initiated as per the law .
Please make sure that all the supplier ITC is reflected in GSTR 2A without any default .
