Скачать или смотреть JAN’22 GST RETURNS: LEGAL CHANGES AND PRECAUTIONS

JAN’22 GST RETURNS: LEGAL CHANGES AND PRECAUTIONS

#GSTR2A # ITC # GSTR3B

This video explains -

1. Claiming ITC from Jan'2022 subject to GSTR2A
2. Implications of the amendment for tax payers
3. Recovery from 1st Jan'22 for difference between GSTR-1 and GSTR-3B
4. Reversal of Bharti Airtel Judgment from 1st Jan'2022 for Claiming ITC as per Books

Various amendments introduced vide the Finance Act, 2021 were notified to be effective from 1st January 2022, vide notification no. 39/2021- Central Tax dated 21st December 2021.

Notably such amendments are to be taken care off while filing GST return both in Form GSTR-1 and Form GSTR-3B for the month of December 2021. The important amendments are explained hereunder –

Fifth condition, applicable for availment of input tax credit, is inserted to section 16(2)(aa) of the CGST Act. Accordingly, now, input tax credit will be available only if the supplier has furnished the details of tax invoice/ debit notes in its GSTR-1 and the same is communicated to the recipient in GSTR-2B.

Explanation is inserted to section 75(12) of the CGST Act which explains the term ‘self-assessed tax’. According to the newly inserted explanation ‘self-assessed tax’ means outward supplies furnished via Form GSTR-1 but which is not included in Form GSTR-3B.

Accordingly, important points to be taken care off while filing GST return from January 2022 are –
1. Total five conditions to be satisfied for availing input tax credit. The conditions are –
• Recipient must possess the tax invoice/ debit note;
• Recipient must have received the goods/ services;
• The tax charged must be actually paid to the government;
• Recipient must have filed their GSTR-3B; and
• The supplier must have filed its GSTR-1 and communicate the details to the recipient via GSTR-2A/ GSTR-2B.
2. Following points should be taken care, from the view point of newly inserted explanation –
• File GSTR-3B as per the outward supplies reflected in GSTR-1.
• Be careful in uploading the credit notes.
• In case of any major difference between GSTR-1 and GSTR-3B, one may represent before the jurisdictional officer as to the reasons of the difference so that the recovery proceedings may not be initiated.
• Optionally, it is also advisable to pa the excess tax in the present month and adjust it in GSTR-3B of the next month in order to prevent any recovery proceedings.

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