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TMI BlogSGSTDK- Submission of correct return under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... grated Tax (IGST). 1.2. The fund transfer from Centre (IGST) on account of settlement and apportionment of IGST is based on the returns filed by the tax payers. Incorrect disclosure of Input Tax Credit (ITC) of IGST on account of interstate inward supplies or import supplies of goods or services will result in short settlement of amount of fund transfer to the State. 2. Fund Transfer and apportionment: 2.1. The modalities for settlement or transfer of funds from centre to state or vice a versa on account of cross utilisation of IGST or as the case may be of SGST and apportionment of IGST between centre, states and within states are provided in section 53 of CGST/ SGST Act, section 17 and 18 of IGST Act r/w the Goods and Services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR 3B: a. The provisions related to the GSTR-2 are suspended for the time being. Therefore, the reversal of ITC under Rule 42 43 is to be reported in Table 4 of GSTR-3B. Tax payers are required to determine all his eligible ITC, amount of reversal under Rule 42 or as the case may be, Rule 43 and ineligible ITC and have to report the correct figures in appropriate columns of Table 4. b. The tax payers shall report entire ITC eligible including reversal but excluding ineligible in table 4(A) of GSTR-3B and then report amount of reversal of ITC out of table 4(A) in table 4(B). It is needless to say that amount of reversal under Rule 42 43 shall be reported in Table 4 (B) (1), whereas reversal as per Rule 37 and any other reversal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od 2019-20 have to report it in return GSTR-3B for the period from April to September 2020. c. The tax payers who have committed errors of wrongly reporting or not reporting ineligible ITC as well as reversal of ITC in any returns filed for the return periods from April, 2020 shall report it in subsequent GSTR 3B to be filed by giving net effect in that subsequent return. Such incorrect information of ITC in periodic returns indicates impropriety in return(s) filed by tax payers. It may result in selection of cases of such tax payers for scrutiny. And, which later on might result into imposition of penalty under the CGST / SGST Act(s). Hence all tax payers are hereby instructed to follow the guidelines of this circular and file t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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