If ITC claimed by a taxpayer in GSTR-3B for a given month is, say, Rs 100 and the invoices uploaded by the suppliers are only worth Rs 80, then ITC of Rs 20 does not show up in GSTR-2A in the form ...

Credit and Finance for MSMEs: Although the GSTR-2B was introduced to provide insights to the taxpayers to claim eligible ITC alone, there is no mechanism to monitor that in GSTR-3B.

Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B ...

Table 4A (5) will therefore contain all types of ITC, such as eligible and ineligible temporarily and permanently. Reconcile Form GSTR-2B more regularly with books and disclose ITC values in GSTR-3B.

The remaining 1.03 crore assessees need to file form GSTR 3B on a monthly basis, which will indicate how much tax has actually been paid after deducting input tax credit (ITC).

As per Goods and Services Tax law, 18% interest is charged for failure to pay tax liability on time, while 24% interest is levied for an undue or excess claim of input tax credit (ITC) or ...

"Accordingly, pending ITC pertaining to FY 2023-24 can only be claimed up to November 30, 2024, i.e. filing of October 2024 GSTR-3B return," she says.