Relief for taxpayers! CBIC clarifies on 'confusing' rule
The new rule, announced by CBIC on October 9, limited the scope of input tax credit in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers to 20 per cent of the eligible amount.
The October 9 notification caused a lot of confusion over the method of calculating this 20 per cent amount, the cut-off date and also whether it was to be calculated supplier-wise or on a consolidated basis.