GST SCN NEW UPDATE | GST ANNUAL RETURN के बाद सबको आएगा NOTICE

Summary

The video explains the recent GST advisory related to delayed filing of GSTR-1 and its impact on Input Tax Credit (ITC) claims. It covers scenarios where ITC for 2023-24 is claimed in 2024-25 due to the late filing of the supplier’s return. Key instructions on how to report ITC in GSTR-3B and GSTR-1 filings using Tables 8C and 13 are provided, along with an emphasis on maintaining proper documentation to avoid future Section 73 notices. The video advises taxpayers to stay updated, follow the guidelines, and ensure accurate filings to prevent discrepancies and audits.

Takeaways

• 😀 The latest GST advisory requires businesses to address discrepancies in Input Tax Credit (ITC) claims between FY 2023-24 and FY 2024-25.
• 😀 Taxpayers must follow the guidelines provided in the advisory to avoid receiving notices for incorrect ITC claims.
• 😀 GSTR-2B data for FY 2024-25 may reflect invoices from FY 2023-24, causing confusion in ITC reporting.
• 😀 When claiming ITC, taxpayers should treat the credit as belonging to FY 2023-24, despite its appearance in FY 2024-25 GSTR-2B.
• 😀 The advisory advises using specific tables (8C, 8D, and 13) in GSTR-3B to report ITC claims correctly.
• 😀 ITC discrepancies between GSTR-2B and GSTR-3B may lead to future notices under Section 73 of the GST Act.
• 😀 Taxpayers should maintain detailed records and justifications for ITC claims in case of future audits or notices.
• 😀 The government suggests that businesses should file their returns based on the advisory, even if it creates a gap in the financial year reporting.
• 😀 Notices may take up to three years to arrive, but businesses must be prepared with the necessary documentation to explain any discrepancies.
• 😀 Following the advisory’s instructions ensures that businesses remain compliant and reduce the risk of penalties for incorrect ITC claims.

Q & A

What is the main issue discussed in the GST advisory mentioned in the transcript?

The main issue discussed is how input tax credit (ITC) for the financial year 2023-24 might not reflect correctly in the GSTR 2B for that year due to late filing of the supplier's GSTR-1, and how businesses should handle the discrepancies in their GST filings.

What happens when the supplier files their GSTR-1 after the due date for March 2024 invoices?

When the supplier files their GSTR-1 after the due date for March 2024 invoices, the corresponding ITC will not be reflected in the recipient's GSTR 2B for FY 2023-24. Instead, it will appear in the GSTR 2B for FY 2024-25.

Why does the advisory suggest treating the ITC from FY 2023-24 as part of FY 2024-25?

The advisory suggests treating the ITC from FY 2023-24 as part of FY 2024-25 because the input tax credit is based on the date the GSTR-2B is generated (April 2024 in this case), and the credit will be claimed in the subsequent financial year.

How does the GST portal's Table 8A and Table 8B relate to the ITC claim for FY 2023-24?

Table 8A in the GSTR-1 is populated with data from the GSTR 2B, which reflects ITC for the financial year 2023-24. However, if the ITC is claimed in FY 2024-25, the ITC will not show up in Table 8A for 2023-24, and the recipient will need to address this discrepancy using Table 8C and Table 13 in their returns.

What is the significance of Table 8C and Table 13 in resolving ITC discrepancies?

Table 8C and Table 13 are used to show that the ITC belongs to the previous financial year (FY 2023-24) and was claimed in the subsequent financial year (FY 2024-25). These tables are crucial for reconciling the data and justifying the ITC claim during audits or in response to notices.

What should a taxpayer do if they receive a notice due to discrepancies in their ITC claim?

If a taxpayer receives a notice due to discrepancies, they should be prepared to explain and justify their claim by showing that the ITC from FY 2023-24 was reflected in FY 2024-25's GSTR 2B and was claimed in the correct year, using the proper tables (8C and 13).

What is the potential impact of this advisory on taxpayers who have already filed their GSTR returns?

The advisory may lead to notices for taxpayers who have already filed their returns, particularly if there are discrepancies in the ITC claimed for FY 2023-24 that are recorded in the 2024-25 GSTR 2B. Taxpayers will need to reconcile these discrepancies and be prepared to justify their claims.

How can businesses prepare for the notices mentioned in the advisory?

Businesses should maintain a copy of the advisory, along with the working papers that explain why ITC was claimed for FY 2023-24 in FY 2024-25. They should also be prepared to respond to notices by referencing the relevant GST tables (8C and 13) and providing justifications for their claims.

What role does Section 162 of the GST Act play in this advisory?

Section 162 of the GST Act outlines the conditions for eligibility of input tax credit. The advisory suggests that businesses should treat the ITC from FY 2023-24 as part of FY 2024-25, even though it may not strictly follow the guidelines of Section 162, based on the timing of when the GSTR 2B is generated.

Why is it important for businesses to download the GST Platform app and complete the relevant training?

It is important for businesses to download the GST Platform app and complete the training because it provides detailed guidance on how to handle ITC discrepancies and how to fill the GST returns accurately based on the new advisory. This will help avoid issues and penalties in the future.