Mismatch in Return Filing Mechanism

Mismatch in Return Filing Mechanism

Recently, the GST council has given emphasis on the importance of the matching of the Input Tax credit. According to the council, the tax paid on input must be deposited by your vendor and file a return.

Due to the mismatch in Input Tax Credit, several taxpayers have started receiving notices.

Let us discuss on:

1. New Return Filing Process

  • Continue filling the GSTR 3 B and GSTR 1 for the duration of max 6 months.
  • Continue uploading invoices and provisional credit. Report of ITC gap on ITC claimed by you will be submitted by the Govt. This report will be claimed according to the vendor’s invoice upload.
  • There will no provisional credit allowed. ITC will be provided only which is based on actual invoice uploaded by a vendor.

Some Other Major Highlights:

  • Now a buyer can also have a look at the invoices upload by Seller.
  • Sellers are provided with the automatic tax calculation.
  • Due dates of returns are staggered and are based on turnover.
  • That seller will be blocked who will not deposit tax.
  • Seller has to upload B2B invoice details.

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