Only ITC Reflecting in GSTR-2B (GST Returns) can be claimed from 01-01-2022.

First: – Section 16(2)(aa) notified from 1 Jan 2022

(aa) the details of the invoice or debit note referred to in clause (a) have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37.

It means from 1 Jan 2022 Input available only as when as come in GSTR-2B

Effects of New Sub-clause 16(2)(aa)
• ITC cannot be availed beyond GSTR-2B.
• No concept of Provisional Credit.
• If GSTR-1 is filled by the supplier beyond the cutoff date, then ITC will not be available in the same month.

In simple language, we can claim only that amount of ITC in GST Returns, which is reflected in GSTR-2B.

Documents Required & Process Involved In – RERA Registration – Maharashtra

Documents Required for – RERA Registration –

Below mentioned are the docs required for – RERA Registration – In Maharashtra.

⦁ Passport Size Photograph.

⦁ Aadhar Card of the individual.

⦁ Pan Card of the individual.

⦁ Email ID and Mobile Number of the agent.

⦁ Rubber Stamp in the individual’s name with a real estate agent or broker written as the designation.

⦁ Electricity Bill in the individual’s name / Telephone bill in the name of the individual / Rent Agreement in the individual’s name / Lease Deed in the individual’s name.

⦁ ITR Copy of last 3 Financial Year / If you were not liable for filing ITR as per Income Tax Act, then a declaration is required to be given.

⦁ A sample copy of the acknowledgment receipt would be given to the customers.

⦁ A declaration to the effect that no criminal case is pending against an individual, in case any case is pending declaration is required.

⦁ A sample copy of the letterhead and rubber stamp which the agent will use in the future.

⦁ Government fees of Rs. 10,590/- has to be paid at the time of registration.

Note – All the documents listed above have to be self-certified and they should affix the stamp on them.

Website for obtaining registration in the state of Maharashtra is – https://maharerait.mahaonline.gov.in/Login/Login

Process Involved after uploading the docs –

⦁ Once the fees are paid, the form is assigned to an officer.

⦁ Officer then generally, within 7 working days scrutinizes the applications.

⦁ In case he has a query, they send the communication on the email id of the agent.

⦁ After the query is resolved, the certificate is sent to the email id.

⦁ In case email is not received, someone can also download the certificate from the maharera portal.

Kindly contact us on 9823120925/8918900780 for RERA Registration or any compliances related to RERA.

Attention: File GSTR-9 & 9C before 31/12/2021 to avoid Late fees.

Applicability of GSTR 9 & 9C –

⦁ GSTR-9 is optional for taxpayers with a turnover of up to Rs.2 crore.

⦁ GSTR-9 is required to be compulsorily filled by the taxpayers with a turnover of more than Rs.2 crore but less than or equal to Rs.5 crore for the FY 2020-21.

⦁ Taxpayers with a turnover exceeding Rs. 5 crores in the previous financial year are required to file Form GSTR-9 & 9C on a self-certification basis compulsorily by 31st Dec 2021.

Note – Verification table by CA/CMA in Part B of Form GSTR-9C has been deleted. Now, only verification by the registered person is required in GSTR-9C for applicable registered taxpayers. This change applies from FY-2020-21 onwards.

Consequences of not filing GSTR 9 and 9C before 31st December 2021 –

A registered person failing to furnish the GSTR-9 by the due date shall be liable to pay a late fee of INR 200 (INR 100 for CGST and SGST each) every day during which such failure continues subject to a maximum of an amount calculated at a half percent of his turnover in the State or Union territory. Further, while calculating maximum late fee, ‘turnover in State’ or ‘turnover in Union territory’ should be taken into consideration.

What are the things which need to be kept in mind GSTR-9 & 9C return before 31st December 2021?

⦁ The taxpayer would have the “option” to report taxable outward supplies net of debit and credit notes and amendments made under table 4A to 4G in GSTR-9 instead of reporting separately under table 4I to 4L.

⦁ The taxpayer is mandatorily required to report values of Export (5A) and SEZ (5B) supplies without payment of tax, supplies on which tax is to be paid by the recipient on a reverse charge basis (5C) separately.

⦁ The taxpayer would have the “option” to report exempt (5D), Nil rated (5E), Non-GST (5F) supplies cumulatively under table 5D if bifurcation of such supplies is not available.

⦁ The taxpayer would have the “option” to report taxable outward supplies net of debit and credit notes and amendments made under table 5A to 5F in GSTR-9 instead of reporting separately under table 5H to 5K.

⦁ The taxpayer is mandatorily required to report the details of ITC on capital goods separately. However, details of ITC on inputs and input services can be reported on a merged basis under the head ‘Inputs’ under Tables 6B & 6E.

⦁ The taxpayer would have the “option” to report the details of ITC on capital goods separately. However, details of ITC on inputs and input services can be reported on a merged basis under the head ‘Inputs’ under table 6C. Further, the details of Table 6C can be reported on a merged basis in Table 6D.

⦁ The taxpayer would have the “option” to report the accumulated amount of reversal from 7A to 7E can be filled in 7H, i.e., in ‘Other reversal’, but the reversal of transitional credit fields is mandatory.

⦁ Ideally, the value of Table 8D should be positive & if it is positive, then the total of 8E and 8F shall be equal to 8D.

⦁ Further other details of refund claimed during the year including sanctioned, rejected, or the pending amount & HSN Wise Summary of outward supplies and HSN Wise Summary of Inward supplies are optional.

Disclaimer – The above information is just a view of the author and should not be taken as legal advice. For Information and Education Purpose.

Contact us in case you need any services related to GST Consultation, GST Advisory, GST Registration Services, GST Returns or compliances, GST Notices and Assessments, GST Demand, GST Annual Return.