Latest GST Updates, Alert on the GST Portal –
⦁ Where the liability declared in GSTR-3B varies significantly with Form GSTR-1.
or
⦁ Where ITC taken in GSTR-3B varies significantly in comparison with auto-populated GSTR-2B.
GST update – Indicating a contravention to the provisions in rules, registration shall be suspended in terms of Rule 21(2A) of CGST Rules 2017.
⦁ If one could remember, as per Notification 94/2020 dated 22nd December 2020, a new sub-rule 2A has been inserted in Rule 21A of the Central Goods and Services Tax (CGST) Rules, which states.
⦁ Any significant differences or anomalies observed between the GSTR-3B and the GSTR-1/2B could lead to the suspension of GST registration.
⦁ Further, if these differences remain unexplained, the GSTIN could get canceled.
⦁ The tolerance limit has been kept at 10% in both cases by GSTN as per the alert message.
The taxpayer can check the comparison / variances post-login by navigating through Services–>Returns–> Tax liabilities–>and ITC Comparison–> Select year (period).
Note – This alert will definitely be helpful for the taxpayers to keep a tag on the variance/ anomalies and take corrective measures in time.
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