Composition scheme compliance: electronic intimation and ITC statement required; cumulative input tax credit adjustment to be reported in return. Amendment prescribes that taxpayers opting for the composition scheme must electronically file an intimation on the common portal and furnish the statement of input tax credit in the prescribed ITC form by the stated deadlines; and that input tax credit eligibility and adjustments for specified months in 2020 shall be applied cumulatively, with the cumulative adjustment reflected in the subsequent GSTR-3B return.
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Provisions expressly mentioned in the judgment/order text.
Composition scheme compliance: electronic intimation and ITC statement required; cumulative input tax credit adjustment to be reported in return.
Amendment prescribes that taxpayers opting for the composition scheme must electronically file an intimation on the common portal and furnish the statement of input tax credit in the prescribed ITC form by the stated deadlines; and that input tax credit eligibility and adjustments for specified months in 2020 shall be applied cumulatively, with the cumulative adjustment reflected in the subsequent GSTR-3B return.
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