BIG ADVISORY BY GST Portal for GSTR 9 FY 23-24| Deal with difference in value of Table 8 GSTR9

Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24

As per the Notification No 12/2024 Central Tax dated 10th July 2024 read with Notification No.20/2024-Central Tax Dated 8th October 2024, for FY 2023-24 onwards, the total credit available for inwards supplies shall be auto-populated in the table 8A of Form GSTR 9 from GSTR-2B of the FY 23-24. Further, in table 8C of Form GSTR-9 total value of ITC on inwards supplies received during the FY but availed in next FY up to specified period, need to be filled manually.

2. Various tickets are received, wherein concerns have been raised regarding possible mismatch between the values of table 8A and 8C of Form GSTR-9 for FY 23-24. It is pertinent to mention that for FY 22-23 in table 8A of Form GSTR-9, values were getting auto populated from GSTR-2A however for FY 23-24 same are being auto populated from GSTR-2B. Therefore, to some extent, in Form GSTR-9 of FY 23-24, values in Table 8A will be inflated in respect of FY 22-23 at the same time values will be lower than expected in respect of FY 23-24, hence there will be a mismatch between the two tables i.e. 8A and 8C. Few scenarios in this regard are advised hereunder: -

1. Invoice having the date of FY 23-24 but the supplier has reported in the GSTR 1 after the due date of March’24. As a result, this amount is not auto populated in the Table 8A of GSTR 9 for FY 2023-24 because it is the part of next years GSTR 2B. How to report such transaction in the GSTR 9 of FY 23-24?

2. Invoice belongs to FY 23-24 and ITC has been claimed in FY 23-24. Due to payment not made to supplier within 180 days, ITC was reversed in 23-24 as per the second proviso to section 16(2) and this ITC is reclaimed in next Year FY 2024-25, after making the payment to supplier. How to report such transaction in the GSTR 9 of FY 23-24?

3. Invoice belongs to FY 2023-24 but goods not received in 23-24 therefore ITC is claimed in Table 4A5 of GSTR 3B and reversed in Table 4B2 as per the guidelines of Circular 170 and such ITC reclaimed in next FY 2024-25 till the specified time period. How to report such transaction in the GSTR 9 of FY 23-24?

4. Invoice belongs to FY 22-23 which is appearing in the Table 8A of GSTR 9 of FY 23-24 , as the supplier would have reported the same in GSTR 1 after the due date of filing of GSTR-1 for the tax period of March 23. How to report such transaction in the GSTR 9 of FY 23-24?

5. Where to report the reclaim of ITC for an Invoice which belongs to FY 2023-24, and which is claimed, reversed and reclaimed in the same year?

Press release link - https://www.gst.gov.in/newsandupdates...

#GSTChanges
#GSTNews
#GSTLatest
#GSTUpdates
#GSTAmendments
#TaxWithoutTears
#CADivyaAggarwal
#CADivyaBansal
#GSTLatestUpdate
#Section38GST
#GSTBuyerProblem
#BewareofGSTSupplier
#tax2023
#GST

*Disclaimer*

1. This video is for creating awareness about the newly introduced tax reform GST.

2. Here Tax without tears (TWT) team does not intend to advertise/solicit clients & doesn’t take responsibility for any decisions taken on the basis of this video.

For more important updates and resources connect with us on
Facebook:
  / taxwithouttears  
You tube:
   / taxwithouttears  
Twitter:
  / taxwithouttears  
LinkedIn:
  / divya-bansal-438294158  
Telegram:
https://t.me/taxwithouttears
Instagram:
https://www.instagram.com/cadivyaa_ag...

You can drop your concerns at [email protected]