Hello readers, I have written so many articles earlier in very simplified manner, now also I have tried to explain changes in GSTR-3B in a simplified way.
As we all know we are required to report ITC availment, reversal of ITC and ineligible ITC as per new format – Table 4 for GSTR-3B to be filed for August 2022 onwards-
Table 4 – Eligible ITC
Details | Integrated Tax |
Central Tax |
State/UT Tax |
Cess |
1 | 2 | 3 | 4 | 5 |
(A) ITC Available (whether in full or part) | ||||
(1) Import of goods | ||||
(2) Import of services | ||||
(3) Inward supplies liable to reverse charge (other than 1 & 2 above) | ||||
(4) Inward supplies from ISD | ||||
(5) All other ITC | ||||
(B) ITC Reversed | ||||
(1) As per rules 38, 42 and 43 of CGST Rules and Section 17(5) | ||||
(2) Others | ||||
(C) Net ITC Available (A) — (B) | ||||
(D) Other Details | ||||
1) ITC reclaimed which was reversed under Table 4(B)(2) in earlier tax period | ||||
(2) Ineligible ITC under section 16(4) and ITC restricted due to PoS provisions |
- Changes marked above in red color are explained as under-
Table 4 (B) (1)- Non –Reclaimable ITC
- Rule 38 CGST RULES- Reversal of input credit by Banking Company or Financial Institution
- Rule 42 CGST RULES- Reversal of input credit in case used for partly for business purposes and exempt supply
- Rule 43 CGST RULS- Reversal of input tax credit in case capital goods used partly for busines purpose and exept supply.
- Section 17(5) – Ineligible credit
- Above stated credit reflected in GSTR-2B need to be reversed in Table No 4(B) (1) –
Further above stated credit can’t be re-claimed….
Table 4(B) (2)- other reversal
Rue 37- Input tax credit reversed due to non-payment of consideration in 180 days
- Section 16 (2) (b) – ITC reversed as goods received next month or services not completed.
- Section 16 (2) (e) – ITC reversed as supplier has not paid taxes.
- ITC reversed which was wrongly claimed earlier in GSTR-3B.
- Credit notes- auto populated .
Now above stated ITC reversed can be reclaimed but need to be reported in Table No 4 (D) (1)- so that proper reconciliation can be done .
Lastly ITC which was restricted in Section 16(4) i.e reported after due date of furnishing the return u/s 39 –cant be claimed even though reflected in GSTR-2B but need to reported in Table 4(D)(2)
Queries related to above mailed at [email protected]
Explanations are Very Clear, self explanatory and understandable – Thanks
well explained
Well explained
Dear Ms Madam
Your article is good. We have one query on the issue.
Whether this notification applicable on GSTR-3B of Aug-22 or Sept-22 i.e. changes will be applicable on GSTR-3B of Aug-22 or Sept-22.
Regards
S K Jain
M-9837030904
what can i claim itc of capital goods in restaurant case, if restaurant charges 5% gst on sales bill.
Madam,
Whether restricting ITC u/s 16(4) is valid inspite of NOTWITHSTADING clause in S.16(2).
Also refer the same clause in S.17(5).
CA Om Prakash Jain s/o J.K.Jain, Jaipur
Tel 9414300730