GST a comprehensive indirect tax system is all set to subsume a host of existing indirect taxes. GST works on a self-monitoring mechanism, which is matching the concept of invoice between supplier and recipient of goods and services. Only after matching of invoices and payment of tax by the supplier, the input tax credit will be available to the recipient. Thus, customer will always want to do business with vendors who are compliant. This results in a change of relationship between supplier and recipient from ‘customer-cum-emotional relationship to compliance relationship’. Today we are telling you about various returns to be furnished under GST and things to be taken care of during return filing.
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Final Acceptance of Input tax credit in Form GST MIS-1
After the due date of filing the monthly return in Form GSTR-3, the inward supplies will be matched with the outward supplies furnished by the supplier, and then the final acceptance of input tax credit will be communicated in Form GST MIS-1.The following details will be considered in the matching of invoices:
• GSTIN of the supplier
• GSTIN of the recipient
• Invoice/or debit note number
• Invoice/or debit note date
• Taxable value and
• Tax amount The claim of input tax credit will be considered as matched, if the amount of input tax credit claimed is equal to or less than the output tax paid on such tax invoice or debit note by the corresponding supplier.
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Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated to recipient in Form GST MIS-1 and to supplier in Form GST MIS-2. Discrepancies not ratified will be added as output tax liability along with interest. However, there will be some breathing space since the law provides a window of two months to ratify the discrepancies before reversing the ITC claim on a provision basis.
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