Accountants  News Hubb
Advertisement
  • Home
  • News
  • Accountant News
  • Contact us
No Result
View All Result
  • Home
  • News
  • Accountant News
  • Contact us
No Result
View All Result
Accountants  News Hubb
No Result
View All Result
Home News

CBIC prescribes procedure to deal with difference in ITC in GSTR-3B & GSTR-2A for FY 2017-18 and 2018-19

admin by admin
December 27, 2022
in News


CBIC prescribes procedure to deal with difference in ITC in GSTR-3B & GSTR-2A for FY 2017-18 and 2018-19

GST Policy Wing of the Central Board of Indirect Taxes and Customs (CBIC) has prescribed procedure to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19.

The proper officer shall first seek the details from the registered person regarding all the invoices on which ITC has been availed by the registered person in his FORM GSTR 3B but which are not reflecting in his FORM GSTR 2A. He shall then ascertain fulfillment of the following conditions of Section 16 of CGST Act in respect of the input tax credit availed on such invoices by the said registered person:

i) that he is in possession of a tax invoice or debit note issued by the supplier or such other tax paying documents;

ii) that he has received the goods or services or both;

iii) that he has made payment for the amount towards the value of supply, along with tax payable thereon, to the supplier.

Besides, the proper officer shall also check whether any reversal of input tax credit is required to be made in accordance with section 17 or section 18 of CGST Act and also whether the said input tax credit has been availed within the time period specified under sub-section (4) of section 16 of CGST Act.

In order to verify the condition of clause (c) of sub-section (2) of Section 16 of CGST Act that tax on the said supply has been paid by the supplier the proper officer shall ask the registered person to produce a certificate for the concerned supplier from the Chartered Accountant (CA) or the Cost Accountant (CMA), certifying that supplies in respect of the said invoices of supplier have actually been made by the supplier to the said registered person and the tax on such supplies has been paid by the said supplier in his return in FORM GSTR 3B. This will be done when the difference between the ITC claimed in FORM GSTR-3B and that available in FORM GSTR 2A of the registered person in respect of a supplier for the said financial year exceeds Rs 5 lakh.

Certificate issued by CA or CMA shall contain UDIN. UDIN of the certificate issued by CAs can be verified from ICAI website https://udin.icai.org/search-udin and that issued by CMAs can be verified from ICMAI website https://eicmai.in/udin/VerifyUDIN.aspx .

In cases, where the difference between the ITC claimed in FORM GSTR-3B and that available in FORM GSTR 2A of the registered person in respect of a supplier for the said financial year is upto Rs 5 lakh, the proper officer shall ask the claimant to produce a certificate from the concerned supplier to the effect that said supplies have actually been made by him to the said registered person and the tax on said supplies has been paid by the said supplier in his return in FORM GSTR 3B.

Click on the link given below to read the complete circular.

 

 

 

Join StudyCafe Membership. For More details about Membership Click Join Membership Button

Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]



Source link

Tags: CBICCBIC prescribes procedure to deal with difference in ITC in GSTR-3B & GSTR-2A for FY 2017-18 and 2018-19difference in ITCGSTR-2AGSTR-3B
Previous Post

Internet Explorer 11 Ending Feb. 14, 2023 For Most Windows 10 Users

Next Post

Latest product news — December 2022

Next Post

Latest product news — December 2022

Recommended

What About QuickBooks Card Readers?

January 6, 2023

ADP – A Payroll & Benefits Synopsis

August 24, 2022

Don't miss it

News

Analytics expand in the corporate tax function

February 4, 2023
Accountant News

Xero included in 2023 Bloomberg Gender-Equality Index

February 4, 2023
News

GST Return Filing has increased to over 85 percent from 60 percent

February 4, 2023
News

Ignition Appoints Drew Woodcock as Global VP of Sales

February 4, 2023
Accountant News

If You Let 23-Year-Olds Sign Off on Audits, You’re Gonna Have a Bad Time

February 4, 2023
News

OECD releases guidance on implementing global minimum tax

February 3, 2023

© 2022 Accountants News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Accountant News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Accountant News
  • Contact us

© 2022 Accountants News Hubb All rights reserved.