Quick Summary
1. Vide Rule 37A of CGST Rules, 2017 the taxpayers have to reverse the Input Tax Credit (ITC) availed on such invoice or debit note, the details of which have been furnished by their supplier in their GSTR-1/IFF but the return in FORM GSTR-3B for the said period has not been furnished by their supplier till the 30th day of September following the end of financial year in which the Input Tax Credit in respect of such invoice or debit note had been availed. 2. The said amount of ITC is required
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FAQ :
Rule 37A of the CGST Rules, 2017, requires taxpayers to reverse Input Tax Credit (ITC) if their supplier has furnished invoice details in GSTR-1/IFF but has not filed their GSTR-3B return for that period by the 30th September following the financial year.
The ITC must be reversed by the taxpayer while furnishing their GSTR-3B return on or before the 30th November following the end of the financial year in which the ITC was availed.
Yes, GSTN has computed the ITC amounts required to be reversed for the financial year 2022-23 under Rule 37A and has communicated these amounts to the concerned recipients via email.
Taxpayers must ensure that any ITC to be reversed under Rule 37A for the financial year 2022-23 is done before 30th November 2023.
The ITC reversal on account of Rule 37A should be reported in Table 4(B)(2) of the GSTR-3B while filing the return.
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