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Common issue of mismatch of Table 8A and GSTR 2B ITC in GST 9. This issue can arise due to various reasons, such as: - Delayed filing of GSTR 1 by the suppliers, which leads to non-availability of invoices in GSTR 2B. - Amendments or corrections made by the suppliers in their GSTR 1, which may not reflect in GSTR 2B or Table 8A. - Differences in the tax rates or amounts between the invoices and the GSTR 2B or Table 8A. - Reversal or adjustment of ITC by the suppliers or the recipients, which may not be captured in GSTR 2B or Table 8A. To resolve this issue, the taxpayers should follow these steps: - Verify the invoices and the GSTR 2B for each month and identify the mismatches. - Communicate with the suppliers and request them to file or amend their GSTR 1 accordingly. - Reconcile the ITC claimed in GSTR 3B with the ITC available in GSTR 2B and Table 8A. - Report the differences in GST 9 and GST 9C and pay any additional tax liability or claim any excess ITC as per the GST rules. By fo...

  As per rule " ITC NOT ALLOWED when the supplier’s State code and POS lies in the same State, but recipient’s State is different"

GST Return Due Date June 2023 Below is the GST filing dates for the period May 2023 Form Period Due Date GSTR-3B May 2023 20 th  Jun 2023 PMT-06 May 2023 25th Jun 2023 GSTR-1 May 2023 11th Jun 2023 IFF(optional) May 2023 13th Jun 2023 GSTR-5 May 2023 13th Jun 2023 GSTR-6 May 2023 13th Jun 2023 GSTR-8 May 2023 10th Jun 2023 GSTR-5A May 2023 20th Jun 2023 GSTR-7 May 2023 10th Jun 2023 RFD-10 Quarter 18 months after the end of the quarter for which refund is to be claimed.  

Understanding GST Refunds: Streamlining Taxation and Facilitating Business Growth Introduction: The implementation of the Goods and Services Tax (GST) in India has brought significant changes to the country's tax system. One crucial aspect of the GST framework is the provision for GST refunds, which aims to streamline taxation and enable businesses to claim refunds on excess taxes paid. In this article, we will explore the concept of GST refunds, examine the circumstances under which they can be claimed, and discuss their importance for businesses. Understanding GST Refunds: GST refunds are the process by which taxpayers can claim a refund of excess taxes paid on inputs or input services used in their business operations. The GST regime allows for various reasons to claim refunds, including exports, inverted tax structures, accumulated input tax credits, and deemed exports. Export Refunds: To promote the competitiveness of exporters in the global market, GST provides a seamless ref...

Understanding Input Service Distributors (ISD) in the Goods and Services Tax (GST) Framework Introduction: The Goods and Services Tax (GST) has revolutionized the Indian tax system, bringing about significant changes to various aspects of taxation. One important concept introduced under the GST regime is that of Input Service Distributors (ISD). ISDs play a crucial role in facilitating the seamless flow of input tax credit within an organization and ensuring fair distribution of tax benefits. In this article, we will explore the concept of ISDs and their significance within the GST framework. What is an Input Service Distributor (ISD)? An Input Service Distributor (ISD) refers to an office or establishment of an organization that receives input services and distributes or apportions the tax credit paid on such services to its branches or units that are registered under GST. Essentially, an ISD acts as an intermediary entity within a larger organization, streamlining the tax credit mech...

Goods and Services Tax (GST) is a comprehensive indirect tax that has replaced multiple indirect taxes in India. Under GST, registered taxpayers are required to file various types of returns to comply with the tax regulations. Two such return forms are GSTR-2A and GSTR-2B. In this article, we will discuss the differences between GSTR-2A and GSTR-2B. GSTR-2A is an auto-populated return form that is generated by the GST portal based on the information furnished by the suppliers in their GSTR-1 return. It contains details of all the purchases made by a registered taxpayer from their suppliers during a particular tax period. GSTR-2A is a dynamic return form that is updated continuously based on the information furnished by the suppliers. The purpose of GSTR-2A is to enable the registered taxpayers to verify the details of their purchases and ensure that the input tax credit claimed by them matches with the details furnished by their suppliers. GSTR-2A also helps in identifying any discrepa...

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It has replaced multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT). GST has simplified the tax structure and made it easier for businesses to comply with the tax laws. However, it has also increased the compliance burden on businesses, especially in terms of filing GST returns. GSTR-2B is a monthly auto-drafted statement that contains details of all the inward supplies of goods and services received by a registered person. It is generated on the 14th of every month for the previous month. GSTR-2B reconciliation is the process of matching the details of inward supplies as per GSTR-2B with the purchase register of the taxpayer to ensure that all the inward supplies have been correctly reported in the GST returns. GSTR-2B reconciliation is important for several reasons. Firstly, it ensures that the details of inward supplies reported in the GST returns are ...

As per Rule 36 Central Goods and Services Tax (CGST) Rules, 2017 (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely,- (a) an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31; (b) an invoice issued in accordance with the provisions of clause (f) of sub [1] section (3) of section 31, subject to the payment of tax; (c) a debit note issued by a supplier in accordance with the provisions of section 34; (d) a bill of entry or any similar document prescribed under the Customs Act, 1962 or rules made thereunder for the assessment of integrated tax on imports; (e) an Input Service Distributor invoice or Input Service Distributor credit note or any document issued by an Input Service Distributor in accordance with the provisions of sub-rule (1) of rule 54. (2) Input tax credit shall be availed by a registered perso...

What is Zero rated Supplies and it's ITC availability? as per Section 16 (1) of CGST Act 2017, Export of goods or services or both Supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit. which fall under GST ambit and Input Tax Credit can be claimed on such supply. What is Nill rated Supplies? Nil Rated Supply is nowhere defined in the Act. However, Goods and services on which 0% GST is applicable. Which falls within GST ambit but Input tax Credit not available. What is Exempt Supply?  According to Section 2(47) of Central Goods and Services Tax Act, 2017, “exempt supply” means supply of any goods or services or both which attracts nil rate of tax, or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act and includes non-taxable supply.  Thus, exempt Supply covers three things:  a. Supply which is taxable i.e. leviable to tax under the Act but attracts Nil rat...

VARIOUS FORMS IN ASSESSMENT AND AUDIT (UNDER GST) S.N. Particular Form Name Who has to execute 1 Provisional Assessment U/s 60(1) FORM GST ASMT-01 Registered dealer (RD) electronically 2 Notice of Proper Officer for appearance FORM GST ASMT-02 Proper officer 3 Reply to above notice Order by Proper officer on FORM GST ASMT-03 Registered dealer (RD) 4 provisional assessment and requirement of bond FORM GST ASMT-04 Proper officer 5 Execution of bond U/s 60 (2) along with security (BG) FORM GST ASMT-05 Registered dealer (RD) 6 Calling for information and records for finalization of assessment U/s 60(3) FORM GST ASMT-06 Proper officer 7 Amount specified whether payable or refunda...