Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4)

Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4) Now GSTR-3B data will be Auto-populated as per Data filed/ available in GSTR-1 and GSTR-2B. For the taxpayers who have opted to file GSTR-1 on monthly basis, the following new features are made available:

• The system computed summary of GSTR-3B is available on the basis of filed GSTR-1. It can be downloaded by clicking on the ‘SYSTEM COMPUTED GSTR-3B (PDF)’ button.
• The summary is generated for tables 3.1 (a), (b), (c), (e) and table 3.2.
• Table 3.1(d) is not auto-drafted based on GSTR-1.
• For Tables 3.1 (d) and 4 - The input tax credit/reverse charge liability has been auto-populated on the basis of the GSTR-2B generated.
• The values so auto-drafted may be used to fill in relevant tables in FORM GSTR-3B.
• The System computed summary will also be sent to your registered email ID.

For the taxpayers who have opted to file GSTR-1 on Quarterly basis:

• Currently, facility of system computed GSTR-3B details are not available for taxpayers opting to file GSTR-1 on a quarterly frequency.
• However, For Tables 3.1 (d) and 4 - The input tax credit/reverse charge liability has been auto-populated on the basis of the GSTR-2B generated.

In case ITC (Input Tax Credit) is entered in Table 3.1 (d) which is in contravention to Rule 36(4) of the CGST Rules, 2017, the same is warned by the portal.

[caption id="attachment_93264" align="aligncenter" width="942"] Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4)[/caption] As per Rule 36(4) Input tax credit [ITC] to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 10 percent of the eligible credit available. You can refer below mentioned video for more understanding of the GST Portal Update.

GSTR-3B Update | Taking ITC in contravention to GST Rules can be Risky

https://www.youtube.com/watch?v=03bwNOeQq94&t=205s Tags: GST