GST taxpayers shall first show irreversible ITC and then reversal in Nov GSTR-3B
States GST authorities have asked assessees to furnish correct and proper information of ineligible Input Tax Credit (ITC) and reversal. This is critical as last chance to avail missed ITC for fiscal year 2021-22 through filing of GST return form ‘3B’ is November 20. Experts say non-compliance could result in penalty of ₹20,000 or more per return.
Form GSTR-3B shows summarised figures of sales, ITC claimed, and net tax payable. In August 2022 , the Central Board of Indirect Taxes & Customs (CBIC) issued a detailed clarification on reporting of information about the reversal of ITC as well as ineligible ITC.
Source: business line
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