December 1, 2022

GST payers getting notices to first present irreversible ITC

Form GSTR-3B shows summarised figures of sales, ITC claimed, and net tax payable

GST payers getting notices to first show irreversible ITC

New Delhi, November 17

States GST authorities have issued notices to assessee for furnishing of right and correct data of ineligible Enter Tax Credit score (ITC) and reversal. That is essential as final probability to avail missed ITC for fiscal yr 2021-22 by means of submitting of GST return type ‘3B’ is November 20. Specialists say non compliance might lead to penalty of ₹20,000 or extra per return.

Type GSTR-3B reveals summarised figures of gross sales, ITC claimed, and internet tax payable. In August 2022 ,…

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