Input tax credit rules updated: reversal and re availment tied to supplier payment and GSTR 3B reporting obligations. Amendments revise procedural compliance and reporting by adding monthly and quarterly return filing defaults as specified noncompliance grounds, and by restructuring input tax credit reversal and re availment: taxpayers who avail credit but fail to pay the supplier within the prescribed time must reverse equivalent credit and pay interest in FORM GSTR 3B after the specified period, with re availment permitted upon subsequent payment; related amendments omit references to FORM GSTR 2, delete several rules and forms, and modify refund and auto notice terminology.
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Input tax credit rules updated: reversal and re availment tied to supplier payment and GSTR 3B reporting obligations.
Amendments revise procedural compliance and reporting by adding monthly and quarterly return filing defaults as specified noncompliance grounds, and by restructuring input tax credit reversal and re availment: taxpayers who avail credit but fail to pay the supplier within the prescribed time must reverse equivalent credit and pay interest in FORM GSTR 3B after the specified period, with re availment permitted upon subsequent payment; related amendments omit references to FORM GSTR 2, delete several rules and forms, and modify refund and auto notice terminology.
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