GST notices | GSTR 2B vs 3B | GSTR 2B-3B Mismatch | 2B/3B Mismatch notice | Reply on the GST notice скачать в хорошем качестве

GST notices | GSTR 2B vs 3B | GSTR 2B-3B Mismatch | 2B/3B Mismatch notice | Reply on the GST notice

Key Pointers for Drafting a Reply on ITC Mismatch Liability for FY 2020-21 Drafting an effective response to Input Tax Credit (ITC) mismatch liability notices requires a thorough understanding of applicable provisions and timelines. Below are critical points to address in your reply: 1️⃣ Provisional ITC Restrictions by Timeline -From 9th October 2019 to 31st December 2019, provisional ITC was restricted to 20% of eligible ITC reflected in GSTR-2A. -Between 1st January 2020 and 31st December 2020, the restriction was reduced to 10%. -From 1st January 2021 to 31st December 2021, it was further tightened to 5%, aligning with the eligible ITC in GSTR-2B (GSTR-2A was applicable until July 2020). 2️⃣ Extended Timeline for Availing ITC As per Section 16(5), inserted via Section 118 of The Finance Act (No. 2), 2024, a registered person could avail ITC on invoices or debit notes for FYs 2017-18 to 2020-21 in any return under Section 39 filed up to 30th November 2021. 3️⃣ Reconciliation with Annual Return Ensure ITC availed/reversed for FY 2020-21 aligns with the figures reported in GSTR-9, specifically: -Table 13 for ITC availed in the subsequent financial year. -Table 12 for ITC reversed for FY 2020-21 in the subsequent financial year. 📌 Key Tips for the Reply -Attach a detailed reconciliation statement comparing ITC as per GSTR-2A/2B and books of accounts. -Reference the applicable rules, circulars, and legal provisions to substantiate your claim. -Highlight corrective actions undertaken for any discrepancies to strengthen your case. Let’s handle ITC mismatch notices with clarity and precision! Feel free to share your experiences or insights on this topic in the comments! ~CA Divya Pushkarna ~CA Shbham Kamra Team of Chartered Accountants, Tax Consultants, Advisors, Corporate Professionals providing financial service in: *Custom and Expert level GST solutions for your corporate needs *Identification of Existing and potential frauds to prevent financial loss *Strategic Internal Auditing Framework to deliver authentic results *Discovering Economic losses and discrepancies for Future Loss Prevention *Fixed Asset Management *Global tax solutions for oversees financial issues *Any kind of business financial service Contact us NOW : Comment For any kind of Financial solution along with Counselling to add VALUE to your BUSINESS. Channel:    / @taxtownindia   Visit our Website: https://taxtown.in/ Instagram:   / taxtown.in