Deepak Gupta | Apr 7, 2022 |
Govt issues circular Regarding correct submission of returns under GST
Rajasthan GST Department has issued a circular on the correct submission of returns under GST.
Basically, in many cases, the taxpayers have not disclosed ineligible ITC in GSTR-3B on account of IGST paid on inward interstate supply and import supplies which might have culminated in a short transfer of IGST funds to the state. The taxpayers are required to declare the ITC correctly in the monthly return GSTR-3B. The eligible ITC is auto-populated in Table 4 of GSTR-3B which can be edited by the taxpayer.
In this context, attention is drawn by the department toward the provisions of Rule 42 or as the case may be Rule 43 wherein the taxpayers have to report the reversal of ITC in Table 4(R)(l) and any other reversal or reversal as per the provisions of rule 37 shall be reported in Table 4(Il)(2).
Moreover, the ineligible ITC as per the provisions of Section 17(5) has to be reported in Table 4(D)(l) whereas the Table 4(D)(2) shall include the ineligible/blocked credit as per the provisions of Section 17(4) of the CGST/RGST Act read with Rule 38 and shall also include other ineligible ITC like ITC availed wrongly in the previous period etc.
For correcting this mistake, all the taxpayers who have not furnished details of ineligible ITC or have furnished the details of ineligible ITC partially or have not reported the reversal of ITC fully or partially in the returns filed for the F. Y 2021-22 shall report it in the annual return to be filed in GSTR-9. Whereas, for the F.Y 2022-23 onwards, the details of ineligible ITC or partial details of ineligible ITC or reversal of ITC which has not been reported fully or partially shall be reported in the subsequent GSTR-3B to be filed by giving net effect in that return.
The Circular is attached below for reference:
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"