TMI BlogInput tax CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir, Kindly clarify for claiming ITC in R3B return shall we consider Form 2A or Form 2B . 2A is a dynamic and 2B is static. calculation of 10% excess ITC is as per Form 2A or form 2B . Thanks in advance. - Reply By Ganeshan Kalyani - The Reply = In my view, GSTR-2A should be considered and 10% rule to be applied in case invoices are not populated in it. However, your working ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be compared with GSTR-2B . The department may compare your working with GSTR-2B and you should have proper explanation for the variation between the two. - Reply By PAWAN KUMAR - The Reply = GSTR-2B is the final as per which ITC will be allowed. So please calculate the details as per GSTR-2A + 10% matching with your books is the first option and then matching with the books data w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith GSTR-2 is the second option. - Reply By Shilpi Jain - The Reply = It is a period of transition. I feel both 2A and 2B would be required to comply with rule 36(4) . Reconcile first GSTR-2A v 3B . Have listing of the invoices not disclosed in GSTR-1 by the supplier. Assuming these credits are not taken follow the below. Prepare a table to track the 10% limit for each month - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this can be done only by looking at the figures of GSTR-2A . Every month look at 2B to identify the invoices disclosed by supplier in his GSTR-1 and update the table above. - Reply By Kashish Gupta - The Reply = Dear Bharat, Before taking a decision on using a auto-populated form, it is necessary to understand the basic scheme of law. As per GST provisions, the credit shall be claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed only to the extent invoices are available on GST portal. To track such invoices, Form GSTR-2A was used. However, due to dynamic nature of said Form, it was neither facilitating the authorities nor to the assessee to note down the balance available as on a particular date. This made the compliance ineffective. Further, the invoices start reflecting in Form GSTR-2A on real-time basis i.e. eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n if the same are saved by supplier in Form GSTR-1 but not filed. Therefore, Government has come out with a static document in the Form GSTR-2B . This statement contains the list of invoices which are furnished on GST portal ( GSTR-1 filed) during the period between due dates to file FORM GSTR-1 and would be made available on 14th day of every tax period. Henceforth, it is strongly adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised to take Form GSTR-2B as base to ensure compliance. The taxpayers can apply rule 36(4) based on the balances available in Form GSTR-2B . Note: 1. Yes, there would be transitional issues to the extent of ITC in respect of invoices already availed in preceding tax period but appearing in Form GSTR-2B now. 2. As per law, if any GSTR-1 has been filed after 11th day (monthly filer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s) and 13th day (quarterly filers) and before 20th day (due date of filing GSTR-3B ), the ITC can be claimed by recipient. Reference can be made to rule 60 which says that Form GSTR-2A and 2B are to be used to ascertain the input tax credit and not to determine the same. 3. Legality and validity of Rule 36(4) is not commented. Hope above information clarifies your doubts. To know more ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , kindly watch the lecture on New GST Returns at https://www.youtube.com/results?search_query=gst+by+ca+kashish+gupta Thanks and Regards CA Kashish Gupta 85108 06440 - Input tax Credit - Query Started By: - Bharat Cholleti Dated:- 4-12-2020 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manageme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
