Doubt - ITC claim restricted to 120% of GSTR-2A

Saqif OM (Manager(F&A)) (319 Points)

19 November 2019  

Hi all,

Any one please clarify when will be the Rule regarding the subject matter come in to force?

We all know that the suppliers with Turnover less than 1.5 Crore will the filing quarterly returns and those who have bought materials from them will have to find additional fund to pay their monthly GST as their sales will be reflected in GSTR 2A on quarterly basis.Is it fair; to hold the ITC for the simple reason that , their supplier is quarterly return filer? 

Can anyone please suggest when will be the rule come in to force, and whether is it applicable for  October 2019 GSTR 3B? or from October 9th 2019 / November 11th , 2019? 

regards,

Saqif.O.M