GST ANNUAL RETURN ITC CHANGES FOR FY 2023-24

Summary

In this live session on GST filing for FY 2023-24, key updates on Input Tax Credit (ITC) and changes in GST return filing are discussed. The focus is on the impact of new auto-population methods for Tables 8A and 8B, where GSTR-2B now plays a crucial role instead of GSTR-2A. The session highlights the importance of timely supplier uploads to avoid discrepancies, and the consequences of premature ITC claims, including possible interest payments. It also offers insights into the upcoming GSTR-9C webinar and emphasizes the need for careful filing to ensure compliance with the new regulations.

Takeaways

• 😀 **GSTR-9 Filing Deadline**: The deadline for filing the **GSTR-9** annual return for FY 2023-24 is **December 31, 2024**.
• 😀 **Changes in Auto-population**: From FY 2023-24, **Table 8A** auto-population will be based on **GSTR-2B** instead of **GSTR-2A**, affecting how ITC is reflected in your return.
• 😀 **Impact of Supplier Upload Timings**: If a supplier uploads an invoice after the due date, the related ITC will not appear in **GSTR-2B** for FY 2023-24, but will appear in FY 2024-25.
• 😀 **Table 8A Adjustment**: In cases where ITC is not reflected in **GSTR-2B** for FY 2023-24, **Table 8A** will show a **zero** value for that invoice.
• 😀 **Table 8B – ITC Breakdown**: **Table 8B** will reflect the total ITC claimed during FY 2023-24, with separate breakdowns for goods and services as per **Table 6B**.
• 😀 **Table 8C – ITC Claimed in Another Year**: If you claim ITC in FY 2024-25 for a purchase made in FY 2023-24, it should be recorded in **Table 8C** but will not be relevant to FY 2023-24 ITC.
• 😀 **Section 16(2)(aa) Compliance**: ITC can only be claimed if all conditions of **Section 16** are met, including supplier uploads and correct invoice details.
• 😀 **Interest on Delayed ITC Claims**: If ITC is claimed in a later period than it appears in **GSTR-2B**, interest may be charged for the delay.
• 😀 **GSTR-9C Webinar**: There will be an online webinar on **GSTR-9C** on **November 28-29, 2024**, with recording access for up to 3 months for those who miss the live session.
• 😀 **Reversal of ITC**: If ITC was claimed but later found to be ineligible, it can be reversed through **DRC-03** for proper adjustment.

Q & A

What is the deadline for filing the GSTR-9 annual return for FY 2023-24?

The deadline for filing the GSTR-9 annual return for the financial year 2023-24 is December 31, 2024.

Which table in GSTR-9 has seen changes regarding Input Tax Credit (ITC) for FY 2023-24?

The major changes regarding ITC are seen in Table 8A and Table 8B of the GSTR-9 for FY 2023-24.

What is the key difference between GSTR-2A and GSTR-2B for ITC claims in FY 2023-24?

For FY 2023-24, Table 8A in GSTR-9 will be auto-populated based on GSTR-2B instead of GSTR-2A. GSTR-2B reflects the final ITC details based on the supplier’s GSTR-1, whereas GSTR-2A was used earlier for provisional ITC data.

What happens if an invoice from FY 2023-24 is not uploaded by the supplier in GSTR-1 before the due date?

If an invoice from FY 2023-24 is not uploaded by the supplier in GSTR-1 by the due date, the ITC for that invoice will not appear in GSTR-2B for FY 2023-24. Instead, it will be included in GSTR-2B for FY 2024-25.

How does Table 8B relate to ITC claims in GSTR-9?

Table 8B in GSTR-9 shows the ITC amount that was claimed in GSTR-3B for FY 2023-24. This includes the break-up of ITC for both goods and services as entered in Table 6B.

What should a taxpayer do if they mistakenly claim ITC in a month but later realize it is ineligible?

If ITC is claimed incorrectly in a month, the taxpayer must reverse the ineligible ITC in the same month. Interest will be levied on the incorrect claim during the period it was claimed.

What does Table 8C in GSTR-9 deal with, and how is it different from Table 8B?

Table 8C in GSTR-9 deals with ITC claims for FY 2023-24 that were actually claimed in FY 2024-25. If the ITC for a particular invoice is claimed in a later year, it will be reported in Table 8C, unlike Table 8B, which only shows ITC claims within the same financial year.

Why is it important to check the eligibility of ITC under Section 16(2)(aa) when claiming credit in Table 8C?

Section 16(2)(aa) outlines the conditions for claiming ITC. ITC can only be claimed if the conditions are fully met, such as the receipt of goods, payment of tax, and correct supplier reporting. If these conditions are not met, ITC cannot be claimed, even if the invoice is from the previous year.

What action should a taxpayer take if ITC for FY 2023-24 is claimed in FY 2024-25 but the conditions for ITC are not fulfilled?

If the ITC for FY 2023-24 is claimed in FY 2024-25 but the conditions for eligibility are not met, the claim should be reversed, and it will not be included in Table 8C.

What are the benefits of joining the GSTR-99C online webinar mentioned in the transcript?

The GSTR-99C online webinar provides an opportunity for taxpayers to gain a deeper understanding of GST compliance. It offers backup video access for three months after the live session, allowing participants to learn at their convenience, even if they miss the live session.