GST Return Update from Oct 2023 | DRC 01B and DRC 01C ft

DRC 01B -    • GST Returns from July 2023 | Understa...  
DRC 01C -    • GST Notice on Excess ITC Claim | New ...  

Welcome to our detailed video where we dive deep into the latest mechanism recommended by the GST Council for effectively managing and addressing discrepancies in Input Tax Credit (ITC) between FORM GSTR-2B and FORM GSTR-3B. This innovative solution involves a systematic process that notifies taxpayers when there's an excessive ITC claim in GSTR-3B compared to GSTR-2B, surpassing a specified threshold. Discover the comprehensive procedure designed for seamless auto-compliance, empowering taxpayers to provide explanations for ITC differences or take corrective measures to align the records. We also shed light on the pivotal inclusion of rule 88D and the introduction of FORM DRC-01C within the CGST Rules, 2017. Additionally, an insightful amendment in rule 59(6) of the CGST Rules, 2017 further enhances the landscape of GST ITC management. Stay well-informed to ensure meticulous ITC reconciliation and optimal utilization. Don't miss out on any vital updates—remember to subscribe for a continuous stream of enlightening GST insights!

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