GSTN Issues Advisory on Availing Input Tax Credit (ITC) and GSTR-2B Compliance
By: Admin
Date: January 22, 2025
Categories: GST Law, GSTN Report, Important News
Reading Time: 4 Min
Introduction: GSTN Resolves Duplicate Entry Issue
The Goods and Services Tax Network (GSTN) has issued an advisory to address duplicate entries found in GSTR-2B statements. These discrepancies, which had caused confusion among taxpayers, have now been resolved. GSTN has generated corrected GSTR-2B statements for all affected taxpayers.
To ensure proper compliance, GSTN advises taxpayers to verify that their Input Tax Credit (ITC) claims match the law and the corrected data.
Steps for Taxpayers to Validate ITC
1. Download and Verify Auto-Drafted ITC Statements
Taxpayers should first download their auto-drafted GSTR-2B statement. Carefully review the ITC values reflected in the statement to ensure accuracy.
2. Compare with System-Generated GSTR-3B PDF
Next, compare the ITC figures from the system-generated GSTR-3B PDF with the auto-drafted GSTR-2B statement. This step will help identify any inconsistencies.
3. Use Table 4 in GSTR-3B for Additional Verification
Hover over Table 4 in GSTR-3B to check the ITC details, especially when discrepancies arise. This feature provides additional clarity.
4. Reconcile and Use Corrected Data
If differences are noted between the figures in GSTR-2B, the GSTR-3B PDF, and the prefilled GSTR-3B, prioritize the corrected data from GSTR-2B. Taxpayers must ensure they rely on accurate information to prevent compliance issues.
Key Takeaway: Prioritizing Accuracy and Compliance
This advisory highlights the importance of validating ITC claims using the corrected GSTR-2B data. Taxpayers must perform these checks diligently to avoid errors and maintain compliance with GST laws.
For more details, visit the official GSTN portal.
