New Guidelines to Claim ITC in GSTR-3B | Mistakes in GSTR-3B | Latest Circular
I am adding the link to download the Circular. Anybody interested can download the circular for reference here
https://drive.google.com/file/d/1ns3e...
The Commissioner of Kerala Goods and Service Tax issued the detailed guidelines in the form of a circular so as to guide people to file the periodic return in GSTR-3B to avoid incorrect disclosure of Input Tax Credit (ITC).
The other procedure which was highlighted by the Commissioner in the circular was the correct declaration of ITC in monthly GSTR-3B. If only the net effects are shown by the taxpayers in the returns, it would result in a short settlement of IGST. Therefore the reversal of ITC and ineligibility of ITC has to be reported by taxpayers while filing the due returns.
The circular laid down the emphasis on the procession for the corrections in return filed earlier.
Such incorrect information of ITC in periodic returns indicates impropriety in returns filed by taxpayers. It may result in the selection of cases of sud: tax payers for scrutiny. And, which later on might result in the imposition of penalty under the CGST/SGST Act(s),
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DISCLAIMER ********
This video is for creating awareness about the newly introduced tax reform GST. This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice.*******
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