Mismatch, Reversal And Re-Claim Of ITC And Reduction In Claim Of Output Tax Liability [ Secs. 42 And 43 Of CGST/UTGST]

Details of every inward supply of Recipient and claim in reduction in output tax liability (invoices or the credit notes) for a tax period shall will be matched:

(a)        With the corresponding details of outward supply furnished by the
following corresponding details:

•          GSTIN of the supplier;

•          GSTN of the recipient;

•          Invoice or debit note number/Credit note No.;

•          Invoice or debit note date/Credit Note date;

•          taxable value; and

•          tax amount,

(b)       With the IGST paid under sec. 3 of the Customs Tariff Act, 1975 in respect of goods imported by him and

(c)        For the duplication of claims of input tax credit.

The claim of input tax credit in respect of any tax period which had been communicated as mismatched but is found to be matched after rectification by the supplier or recipient shall be finally accepted and made available electronically to the person making such claim in FORM GST MIS-i through the Common Portal.

In case of the mismatches on account of

(i)         the ITC on inward supply, which is in excess of the tax declared by the supplier for the same supply or

(ii)        the outward supply is not declared by the supplier in his valid return.

Such discrepancies shall be communicated to both the supplier and the recipient.

Related Topics ....
Who Needs To File GST Return ?
Types And Periodicity Of GST Return For Different Categories Of Taxpayers
Outward Supply Statement (GSTR 1/GSTR 1A) [Section 37 of CGST Act]
Inward Supply Statement (GSTR-2A/GSTR-2) [Section 38 of CGST/ UTGST]
Furnishing of Return (GSTR-3) [Section 39 of CGST Act]
Information in the Monthly GSTR-3 Return Form
Quarterly GST Return For Taxpayers Under Composition Scheme-GSTR 4
Non-Resident Foreign Taxpayers (GSTR-5) under GST Act. 2017
Input Service Distributor (ISD) Return (GSTR 6) under GST Act. 2017
Tax Deduction at Source (TDS) - GSTR-7 under Section 51 of CGST Act
Tax Collection at Source (TCS) GSTR-8 under Section 52 of CGST Act
Mismatch, Reversal And Re-Claim Of ITC And Reduction In Claim Of Output Tax Liability [ Secs. 42 And 43 Of CGST/UTGST]
Discrepancy In The Claim Of Input Tax Credit in Form GST MIS-1 and GST MIS-2
Discrepancy In The Claim Of Reduction In Output Tax Liability in Form GST MIS-3
General Note On Contents Of GSTR-1 , GSTR-2 and GSTR-3
Annual Return in FORM GSTR-9 And Audit Report in FORM GSTR-9B [Section 44 Of CGST/UTGST]
Levy Of Late Fee under GST [Section 46 OF CGST/UTGST]
INVALID RETURN in case GSTR-3 is Filed without Payment under GST Portal
IT Enablement For Filing Of GST Returns
Payment Of Taxes And Submission Of GST Return
ACKNOWLEDGEMENT of e-Return under GST
Eligibility Conditions, Duties And The Obligations Of Goods Services Tax (GST) Practitioners
Rectification Of GST Return
Processing Of GST Returns By the GST Portal
 
 
Get.. Tally.ERP9 Book + GST Practical Assignment @ Rs.550 Tally.ERP9 Book Online Order Tally.ERP9 Book Content
 
© 2018 : IncomeTaxManagement