TMI BlogAdvisory for Online Compliance Pertaining to ITC mismatch -GST DRC-01CX X X X Extracts X X X X X X X X Extracts X X X X ..... Advisory for Online Compliance Pertaining to ITC mismatch -GST DRC-01C - Goods and Services Tax - GST Dated:- 16-11-2023 - News - Difference in Input Tax Credit (ITC) available in GSTR-2B ITC claimed in the GSTR-3B Dear Taxpayers, 1. It is informed that GSTN has developed a functionality to generate automated intimation in Form GST DRC-01C which enables the taxpayer to explain the di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fference in Input tax credit available in GSTR-2B statement ITC claimed in GSTR-3B return online as directed by the GST Council. This feature is now live on the GST portal. 2. This functionality compares the ITC declared in GSTR-3B /3BQ with the ITC available in GSTR-2B /2BQ for each return period. If the claimed ITC in GSTR 3B exceeds the available ITC in GSTR-2B by a predefin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed limit or the percentage difference exceeds the configurable threshold, taxpayer will receive an intimation in the form of DRC-01C . 3. Upon receiving an intimation, the taxpayer must file a response using Form DRC-01C Part B. The taxpayer has the option to either provide details of the payment made to settle the difference using Form DRC-03 , or provide an explanation for the differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, or even choose a combination of both options. 4. In case, no response is filed by the impacted taxpayers in Form DRC-01C Part B , such taxpayers will not be able to file their subsequent period GSTR-1 /IFF. Thanking you, Team GSTN - News - Press release - PIB Tax Management 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
|
