Page Contents
GSTN has enabled Form DRC-01C to deal with ITC mismatches between GSTR 3B & GSTR 2B, in accordance with rule 88D of the CGST Rules 2017 Through GSTN Notification No. 38/2023-dated on August 4, 2023.
“Central Goods and Services Tax (CGST) Rules, 2017. Rules 88D. explain the manner of dealing with difference in ITC available in auto-generated statement containing the details of ITC & that availed in GST Return.”
This GSTN system can differentiate Input Tax Credit available as per GSTR-2B/2BQ with Input Tax Credit claimed as per GSTR-3B/3BQ for each Goods and Services Tax return period. If claimed Input Tax Credit exceeds the Input Tax Credit available as per GSTR-2B by specified limits, as extensive guidebook issued by competent GST Authority, GST taxpayer shall receive an intimation in form of GST Form DRC-01C.
GST taxpayer is needed to submit a response using Form DRC-01C Part B after receiving the notification. The taxpayer has the choice to either use Form DRC-03 to specified payment made to make up the difference, to use one of the alternatives on form to explain difference, or to combine both of these options.
The impacted GST taxpayers will not be allowed to submit their future period GSTR-1/IFF if they fail to respond in Part B of GST Form DRC-01C.
An extensive guidebook with navigational instructions is accessible on the GST portal to aid GST Taxpayers even further in process. It discusses many scenarios relating to the feature and provides step-by-step directions. The below link is mention below: https://tutorial.gst.gov.in/downloads/news/return_compliance_itc_mismatch_intimation_in_form_gst_drc_01c.pdf
Goods and Services Tax Network issued Advisory can be find at: https://www.gst.gov.in/newsandupdates/read/606
All about Financial Forensics & its Applications Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are… Read More
Code of Conduct in Forensic Audit: Introduction: A forensic audit is a specialized examination that investigates financial records to uncover… Read More
When is the cancellation revocation applicable? Procedure for Implement Revocation for GST cancellation This applies only if, on its own… Read More
Enhancement Made to the GST Portal - Significant Update Goods and Services Tax Network is pleased to inform that an… Read More
ITC Mismatch GSTR-2B vs GSTR-3B - DRC-01C Intimation under Rule 88D New mechanism to deal with Input Tax Credit mismatches… Read More
Hurdles with Hindu Undivided Family Dissolution: The Hindu Undivided Family (HUF) is a recognized legal entity under the Income-tax Act,… Read More