CBIC has vide Notification No 14/2022-Central Tax dated 5th July, 2022 had notified CGST ( Amendment) Rules, 2022 vide which CGST Rules, 2017 have been amended. Amongst the various amendments one of the amendment is relating to Form GSTR-3B.
One of the changes made in GSTR-3B were made in disclosures of ITC Reversal, ineligible ITC and reclaiming of ITC which were as under:
Item (B) (1) which earlier used to cover ITC reversed as per Rule 42 and 43 of CGST Rules will now also cover Rule 38 (ITC reversal @50% by Bank/NBFC/ FI) and blocked credit u/s 17(5).
Item (D) which used to have heading of Ineligible Credit is now substituted by “Other Details”. Further sub-item (1) which was ” As per Section 17(5)” is substituted as ” ITC reclaimed which was reversed under Table 4(B)(2) in the earlier tax period”. Also sub-item (2) which was “Others” has been substituted to “Inelegible ITC under section 16(4) and ITC restricted due to PoS provisions.
For practical implementation of above changes CLICK HERE
The above changes have been implemented on the GST Portal. For ready reference of the readers the relevant snaps of the GST portal are given below:
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Frah Saeed is a law graduate specializing in the core field of indirect taxes and is the Co-founder of taxwallah.com. She has authored many publications on GST and is into full-time consultancy on GST to big corporates. She as a part of taxwallah.com heads a team comprising of Chartered Accountants and Advocates and plays a key role in our mission to disseminate GST knowledge to all.
