Earlier, the 50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, wherein it was recommended to insert Rule 88D and Form DRC-01C in the Central Goods and Services Tax, Rules, 2017 (“the CGST Rules”) to provide the system-based intimation mechanism in respect of the excess availment of ITC in Form GSTR-3B vis-à-vis Form GSTR-2B by the taxpayer above a certain threshold. Further, it was recommended to prescribe the procedure of auto-compliance on the part of the taxpayers, to explain the reasons for the difference or take remedial action regarding such differences.
Source a2ztaxcorp
Latest Posts in "India"
- Supreme Court Restricts GST Extended Limitation Without Specific Fraud Allegations
- GST Council May Consider Lowering Tax on Mobile Phones
- India Tax Konnect: Key GST Rulings on Gaming, Healthcare, Banking and SCNs
- Kerala GST Probe Targets Messi Event Funding Tax Evasion Suspicions
- Lucknow Crime Branch Busts Fake GST Racket; Four Arrested for Bogus ITC Fraud
