GST Notice on Excess ITC Claim | New GST Rule 88D and Form DRC 01C ft

Welcome to our detailed video where we dive deep into the latest mechanism recommended by the GST Council for effectively managing and addressing discrepancies in Input Tax Credit (ITC) between FORM GSTR-2B and FORM GSTR-3B. This innovative solution involves a systematic process that notifies taxpayers when there's an excessive ITC claim in GSTR-3B compared to GSTR-2B, surpassing a specified threshold. Discover the comprehensive procedure designed for seamless auto-compliance, empowering taxpayers to provide explanations for ITC differences or take corrective measures to align the records. We also shed light on the pivotal inclusion of rule 88D and the introduction of FORM DRC-01C within the CGST Rules, 2017. Additionally, an insightful amendment in rule 59(6) of the CGST Rules, 2017 further enhances the landscape of GST ITC management. Stay well-informed to ensure meticulous ITC reconciliation and optimal utilization. Don't miss out on any vital updates-remember to subscribe for a continuous stream of enlightening GST insights!
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of CZcams videos.
Copyright Disclosure - As per Sec 52 of The Copyright Act,1957 Fintaxpro Advisory LLP shared this video with a clear objective to educate the public at large and thus constitute the fair dealing with content for the purpose of reporting of current events and current affairs, including the reporting of a lecture delivered in public
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Tags in Video
gst update#ITC discrepancies#Input Tax Credit differences#GSTR-2B#GSTR-3B#GST Council recommendations#GST reconciliation mechanism#GST compliance solutions#GST regulatory reforms#GST ITC management#GST updates#GST insights#GST taxpayers' guidance#GST utilization optimization#reducing ITC mismatches#preventing GST misuse#GST compliance strategies#GST record alignment#GST corrective actions.#GST Notice on Excess ITC Claim#New GST Rule 88D#Form DRC 01C

[@aashishsharma3212]

Excellent

[@debabratakarmakar2745]

Thank you sir

[@MsRavi900]

Explain ❤

[@izharaziz5140]

Tq sir

[@abidhusain4706]

Kya isme unregistered RCM wale cover hone wala hai

[@reshiimran1991]

Reason 7 kaise hoskta hai, agr party ne return file kiya hoga wo bill toh gstr2b me ayega, toh gstr3b me diff kaise ayega

[@anilrojed5104]

What will be consequences for not complying with 36(4)

[@almightyslovlysoul6676]

Sir, hmne itc wrongly Kam claim le liya tha last fy me, ab vo claim kaise le

[@sharahil]

sir, can we reverse in amnesty scheme?

[@reshiimran1991]

So we need to just give the reasonable reason for excess itc claims or anything more to do

[@itsvinitsingh]

internal revenue service kya hota hai
Is per ek video laiye sir please

[@geetasharma-ti6go]

sir bank change karne par jab otp dalte hai to ek msg aata hai duplicate mobile and dublicate mail passed in partner/ promotor details msg aa raha hai up date nahi ho para hai plz sir help

[@lakshamanpatole5190]

Gst become now critical

[@tapasdhal3890]

Jitna critical hoja utna income badhega 😅 agar GST easy ho jayega to business man khud hi Sara Kam kar lenge.

[@rajeshmehta8145]

BJP KE MAHERBANI

[@reshiimran1991]

Banking Transaction Tax to be introduced soon. Gst Khtm hoga

[@mohammadasif9312]

Sir bill 31-7-2023 ka hai goods received 7-8-2023 ko hai . Itc kis month me claim hoga.

[@tapasdhal3890]

Jis month ka 2b mai show karega

[@pegasusiameverywhere3664]

​@@tapasdhal3890bund Mari ha ehna di

[@AKHILESHKUMAR-gu2rs]

Sir ji rule 88 gstr9 ko efect kar sakta hai

[@tapasdhal3890]

Bilkul karega

[@reshiimran1991]

What to do in case we have wrongly claimed excess itc as given in states in 8th serial reason

[@vinayvaishnav5761]

Simple you have to reverse that itc with 24% interest

[@reshiimran1991]

​@@vinayvaishnav5761can't we change it in next month gstr3b

[@vinayvaishnav5761]

@@reshiimran1991 yes you can change in next return with proper explanation and working

[@reshiimran1991]

@@vinayvaishnav5761 so in that case do I still need to file drc01c as sent by portal or not

[@vinayvaishnav5761]

@@reshiimran1991 if you didn't get drc01 notice you have to reverse that itc with interest calculate, and pay that challan as soon as possible before notice..

[@rajeshmehta8145]

Chote Businessman ko pareshan karne k tarika nikal liya hai .Ab business karna asan nahi.

[@pegasusiameverywhere3664]

Agar goods received ha bill bhi ha but 2b me nahi ha but nxt month ke 2b me to kya hoga . Bakwass system ha

[@unboxingeasy]

Modi ki tarah gst bhi jaane wala hai...

[@tapasdhal3890]

Bilkul nahi

[@unboxingeasy]

@@tapasdhal3890 sunne me aa raha hai 1 nation 1 tax

[@bijitchowdhury8921]

Gabbar Singh Tax

[@rishavbarnwal7155]

​@@unboxingeasygst hi h wo

[@rajeshmehta8145]

BJP KE MEHIRBANI