Hence, as per CGST rule 36(4), a taxpayer filing GSTR-3B can claim provisional ITC only to the extent of 5% of the eligible credit available in GSTR-2B (earlier, GSTR-2A was considered).

All regular taxpayers registered under GST must file GSTR-3B, a monthly or quarterly summary return. Table 4 covers all things Input Tax Credit (ITC). Taxpayers disclose a summary of the eligible ...

When it comes to GSTR-3B return, there have been several changes ... ITC being claimed at a maximum of 10 per cent of the eligible ITC as per the Form GSTR-2A. Any additional ITC claimed on ...

Credit and Finance for MSMEs: The fraudulent Input Tax Credit (ITC) claims have been on the rise, especially with the uncovering of many fake firms which were set up to issue fake invoices.

Form GSTR-3B, a streamlined summary return for ... inter-state supplies, eligible ITC, and exempt, nil, and non-GST inward supplies. 7. Edit the auto-populated fields as necessary, and add values ...

There is also a need to automate the ITC claims in GSTR-3B via introducing a facility to accept and reject the eligible ITC found in GSTR-2B. An additional window to choose and track the 10% ...

GSTR-3B is a simplified return that is essentially a summary of outward supplies, inward supplies subject to reverse charge mechanism (RCM), calculation of eligible input tax credit (ITC ...