Advisory in respect of introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B)

Advisory in respect of introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B) https://www.taxtmi.com/news?id=26884 An automated reconciliation under Rule 88D compares ITC in GSTR-2B with ITC claimed in GSTR-3B; where claimed ITC exceeds available ITC beyond set thresholds, the portal issues a Form DRC-01C intimation. Taxpayers must respond in Part B of Form DRC-01C by making payment through the prescribed mechanism (DRC-03), providing an explanation from the form's options, or both. Non-response prevents filing specified subsequent returns (such as GSTR-1/IFF). A detailed portal manual with navigation and scenario guidance is available. en-us Fri, 06 Oct 2023 09:53:58 +0530 Fri, 06 Oct 2023 09:55:00 +0530 TaxTMI RSS Generator Advisory in respect of introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B) https://www.taxtmi.com/news?id=26884 An automated reconciliation under Rule 88D compares ITC in GSTR-2B with ITC claimed in GSTR-3B; where claimed ITC exceeds available ITC beyond set thresholds, the portal issues a Form DRC-01C intimation. Taxpayers must respond in Part B of Form DRC-01C by making payment through the prescribed mechanism (DRC-03), providing an explanation from the form's options, or both. Non-response prevents filing specified subsequent returns (such as GSTR-1/IFF). A detailed portal manual with navigation and scenario guidance is available. News - Fri, 06 Oct 2023 09:53:58 +0530 https://www.taxtmi.com/news?id=26884