Regarding correct submission of return(s) under GST

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..... eturn(s) under GST. The Section 53 of CGST Act/RGST Act and Section 17, 18 of the IGST Act read with the Goods and Services Tax Settlement of Funds Rules, 2017 provides for the manner of cross utilization of IGST or may be of SGST and apportionment of IGST between Centre, States and within State for the purpose of settlement or transfer of funds from the Centre to State or vice versa. The t .....

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..... ayers are required to declare the ITC correctly in the monthly return GSTR-3B. The eligible ITC is auto populated in Table 4 of GSTR-3B which can be edited by the taxpayer. In this context, attention is drawn towards the provisions of Rule 42 or as the case may be Rule 43 wherein the taxpayers have to report the reversal of ITC in Table 4(B)(1) and any other reversal or reversal as per the provisi .....

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..... ineligible ITC or reversal of ITC which has not been reported fully or partially shall be reported in the subsequent GSTR-3B to be filed by giving net effect in that return. Therefore the taxpayers must ensure that they follow the guidelines of the circular precisely and file the subsequent periodic returns in GSTR-3B correctly. (Ravi Jain) Chief Commissioner State Tax, .....

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