Hello Amazing GST Community,
We've got some important updates to share, and we're here to break it down for you – crystal clear!
1. ITC Reversal Alert – Time to Act!
If you've availed Input Tax Credit (ITC) based on your supplier's details in GSTR-1/IFF, but your supplier hasn't filed GSTR-3B for that period until September 30th after the financial year ends – heads up! You need to reverse that ITC.
Not to worry, though. The GSTN has sent you an email, highlighting the ITC that needs reversing for the financial year 2022-23. Take note of this and make sure to reverse it by November 30th, 2023, while filing your GSTR-3B. Simple, right?
What to Do:
Check your registered email for the ITC heads up.
Reverse the ITC by November 30th, 2023, in Table 4(B)(2) of GSTR-3B.
2. ITC Mismatch – Let's Resolve Together!
Ever felt puzzled when your GSTR-3B claimed more ITC than what your GSTR-2B showed? GSTN introduces a fantastic functionality to explain this difference online – Form GST DRC-01C.
Here's the Drill:
Check the GST portal for any heads up in the form of DRC-01C.
File your response using Form DRC-01C Part B.
Either spill the beans on payment details using Form DRC-03 or provide an explanation for the difference.
Why Do This?
Ensure a smooth filing for your subsequent GSTR-1/IFF.
Remember, it's about staying compliant and making your GST journey as smooth as possible.
If you have any questions or want to discuss this further, feel free to reach out.
"Remember, our consultation and support services aren't free, but they do come with a 'wealth' of knowledge and expertise! 💼
Happy filing, and may your tax journey be as smooth as a well-executed legal process!
Interested in Learning More?
If you're looking to dive deeper into the world of GST and Income Tax Return (ITR) filing, we offer comprehensive courses that cover everything from the basics to the intricacies of tax returns.
GST Filing Course: Learn all about GST filing and compliance. For details, watch our video:
ITR Filing Course: Master the art of Income Tax Return filing. For details, watch our video:
GSTR 9 Course:
For inquiries and enrollment, feel free to reach out via:
WhatsApp at +91 6238610802 or email us at mr.foxcomplete@gmail.com.
WhatsApp Channel Link: https://whatsapp.com/channel/0029Va8zY8JL2AU0iVhqPk1R
We're here to assist you in your tax journey.
Thank you for staying informed, and we're committed to helping you navigate these changes seamlessly.
Best regards,
Sarath S Raman
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