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GST Portal Notifies Changes Regarding Correct ITC Details in GSTR-3B

GST Portal Updates on Negative Values in GSTR 3B Form

In table 4 of GSTR-3B, the Goods and service tax network (GSTN) initiated the negative values.

A few differences in Table 4 of Form GSTR-3B would be notified by the government in order to enable the assessees for reporting the precise data for the claimed ITC, ITC reversals, and ineligible ITC. As per the amendment, the net ITC would need to be reported in Table 4(A), and the ITC reversal, if any, is to be reported in Table 4(B) of GSTR-3B.

In GSTR-3B, credit notes (CN) are auto-populated in Table 4B(2) as ITC reverses. As per the amendments, the credit notes impact should then be accounted for on the net-off grounds merely in table 4(A) of GSTR-3B.

Beginning in January 2023, the modifications were made to the GST Portal, and they will start to take effect with the January 2023 tax period.

The credit notes and their changes’ impact will now be auto-populated in GSTR-3B Table 4(A) instead of Table 4(B).

If the value of credit notes exceeds the number of invoices and debit notes combined, the net ITC turns negative, and taxpayers are permitted to submit negative numbers in Table 4A.

Important: GST Portal Gets New Updation on ITC Auto-populate in GSTR 3B

In Table 4D(2) of GSTR-3B the assessee can now enter negative values.

Regular updates and revisions in the advisory, messages, directions, and support text in form GSTR-2B, excluding any structural revisions in the form GSTR-2B summary or tables would also be executed in the GSTR-2 B.

The Comparative Report’s calculating methodology has now been adjusted in line with this.

Taxpayers should thoroughly study the GSTR-2B instructions and help text as well as the system-generated GSTR-3B pdf before submitting GSTR-3B.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Arpit Kulshrestha
Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous. View more posts
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