GST: Deadline for correcting error and declaring proper ITC soon

The State Goods and Services Department stated that November 30 is the deadline for claiming Input Tax Credit (ITC), providing proper information on ineligible Input Tax Credit, and reversing the credits for the financial year 2022-23.

The entire process must be completed by filing the GSTR-3B return for the month of October 2023, with a due date of November 20. All taxpayers filing returns using the GSTR-3B form shall claim the complete input tax credit for 2022-23, as stated in the GSTR-2B statements, and ensure the reversal of ineligible input tax credit, if any, using the GSTR-3B form’s 4B (1) table.

The Commissioner of State GST stated that because the correct disclosure of Integrated GST (IGST) input tax credit is critical for the State’s tax revenues, all eligible taxpayers should be diligent in this regard.

Before filing their October returns, taxpayers who have unknowingly entered the Input Tax Credit details in the 4B(2) table instead of the 4B(1) table in previous returns ought to reach the Taxpayer Service Division at the Office of the Joint Commissioner, Taxpayer Circle, or the GST Intelligence wing at the district level.