TMI BlogMandatory furnishing of correct and proper information of ineligible / blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B –instructions issuedX X X X Extracts X X X X X X X X Extracts X X X X ..... 14/2022-Central Tax dated 05.07.2022 of the CBIC, Dept. of Revenue, Ministry of Finance and corresponding notification of the State in S. R.O No. 871/2022 dated 13.09.2022 of the Taxes (B) Dept., Govt. of Kerala. 2. Circular No. 170/02/2022 dated 06.07.2022 of the CBIC, Dept. of Revenue, Ministry of Finance. 3. Trade Circular No. 01/2021 dated 30.01.2021 of the Commissioner of State Tax, Thiruvananthapuram. 1. The process of filing returns under the GST has been substantially changed over a period of time. One of the significant changes is the method for declaration of input tax credit (ITC) in the return in Form GSTR 3B. After the 43rd GST Council Meeting, the procedure for declaring the input tax credit in the return in Form G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eclaring the ineligible input tax credits, under Table 4(B) of FORM GSTR 3B resulting in wrong utilization of ineligible credit. Such taxpayer shall be liable to reverse/pay such input tax credit along with interest @ 18% per annum from the date of utilization till the date of reversal/repayment and shall also be penalized. Accordingly, in order to ensure uniformity in return filing the Commissioner of State Tax, in exercise of the powers conferred by section 168 of the Kerala State Goods and Services Tax Act, 2017 hereby clarifies the issues detailed hereunder: 2. The procedure to be followed for furnishing of information regarding input tax credit availed, reversal thereof and ineligible input tax credit in Table 4 of FORM GS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to that, if the taxpayer has any input tax credit which is blocked as per Section 17(5) of the CGST and KSGST Act, 2017 the same shall also be declared in Table 4 (B) (1) of FORM GSTR 3B . 2.4 The taxpayer shall report reversal of ITC which are not permanent in nature and can be reclaimed in future subject to fulfilment of specific conditions, such as on account of Rule 37 (non-payment of consideration to supplier within 180 days) of CGST and KGST Rules, 2017 , Section 16(2)(b) (non receipt of goods or services or both in the same tax period in which the invoice has been received) and Section 16(2)(c) (non payment of tax by the supplier) of the CGST and KSGST Act, 2017 in Table 4 (B) (2) of FORM GSTR 3B . Such in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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