- b.soyab92
- | Goods and Services Tax - Articles- Featured
- 11 Mar 2019
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NEW FEATURE ROLLING OUT ON A GST PORTAL
As the Due date of GSTR-9 is notified by the Government as 30th June 2019 the government is trying to simplify the Reconciliation of the Returns. ITC claimed as this is major issue in Reconciliation of ITC claimed under GSTR-3B & ITC as per GSTR-2A.
The government has given easy outcome as Credit and liability Statement.
As After the view the Detail for the Various it will Take time of few Seconds to Generate the All Statement of Following
- Liability other than Export/Reverse Charge
- Liability to Reverse charge
- Liability Due to Export and SEZ Supply
- ITC Credit Claimed and DUE
As the Major issue as Mentioned above is ITC Claimed and Due.
As For FY 2017-18 the ITC claimed as per GSTR-3B, ITC as per GSTR-2A, Shortfall (-)/ Excess (+) in liability (GSTR3B – GSTR2A), Cumulative Shortfall (-)/ Excess (+) in liability (GSTR3B – GSTR2A)
A. As the Shortfall /Excess computed and the Figures of such is Calculated Automatically.
B. Cumulative Shortfall /Excess is calculated through outcome of point A Adjusting the Excess of Credit if in any Tax as per the ITC rule & And if After Cumulative Adjustment of tax is still there is a shortfall the the Excess liability will be calculated and is excess of either of the tax then Excess credit will be Shown as per IGST, CGST, SGST.
As For FY 2018-19 The image of Credit and Liability Statement.
Hope This New Initiative By Government will Be Helpful for Business Person or to the Professional in Reconciliation of GST Figures.
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The ITC of CGST SGST wrongly claimed as IGST which got noticed during reconciliation So How can the same be rectified ?
can’t be Rectified u need to do this time of Filling GSTR-9
My vendor have uploaded B2B invoices issued in my favor, but in GSTR2A the return status is NOT SUBMITTED, shall this affects the auto populated amount in Comparison of Gstr3b vs. Gstr2a.
1) Status NOT SUBMITTED in GSTR 2A means vendor may have uploaded but GSTR1 return not submitted & not filed by vendor. Please check whether vendor has filed respective return.
2) If vendor has filed respective return and invoice NOT reflecting in your GSTR 2A means vendor may have missed entering your invoice in his GSTR1.
3) In both the above cases ITC will not be credited to you.
How can we treat the difference between ITC claimed and ITC aoto populated ?
If my party did not submit my details in his GSTR 1 and i have claimed the ITC input so now how can we treat/correct these fault ?
The difference between ITC claimed and ITC populated is an offence ?
Any penalty on the amount excess claimed ?
If the ITC on domestic purchase in F.Y. 2018-19 claimed exceed by 6 lakhs . find out when compare 2A, SO WHATS THE SOLUTION
Simple u do reconciliation after 30 june 2019 by comparing GSTR-2A & Ur Credit in books and if any Access then u Reverse the credit in June 3B and make sure u remember for this reversal as while filling GSTR-9 u need to mention the credit availed & Credit reversed of previous year in current year.
It is not an offence. You will have to reconcile the amounts in annual return and pay the difference of ITC claimed and ITC in permissible as per GSTR 2A.
U have to take Followup & if possible say ur seller to upload the bill if he dont u cant claim the credit and if u had already claimed the credit then reverse the credit for for more benefit i suggest to take full value with tax in ur icome statement and claim expense. If wrong ITC has been claimed than 18% interest is to be paid.
how to reverse the excess claimed itc of the year 2017-18 in the year 2018-19
There is part in GSTR-9 where excess credit u have to reverse for better i would suggest u to watch my video on GSTR-9 video on youtube and the Reconciliation of ITC.
Link is below.
https://www.youtube.com/channel/UCI51Buxl6jkk5PXLfTJMnng
tell your frds to subscribe my channel and share it with people shaaring same issue.
GST R9 FACED GST 3B AND GST R1 SUBITED THE RETURNS AS PER GST PORTAL FACED GST R 3B AND GST R1 AND GST R 2A ITC TH SUPPLIERS AFTER YEAR THE REPORT IN GST R 1 SO FOR GST R3B ITC GST R 2A ITC SMALL DIFFRENCE WHEN MISSED INOVICES WHEN ACCOUNT FOR GIVE ME TIME FOR AND ALSO SUBMITED THE INCOMETAX RERUN THAT YEAR AGAIN ACCOUNT FOR THE YEAR DIFF. COME HOW TO RECTFY PLEASE INFORM HELP FOR RECTICATION ITC PROBLEMS
you can claim in 3B of march 2019 and if u have already filled then you nedd to claim in GSTR-9