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IF YOU HAVE ANY DOUBTS REGARDING GST RETURNS OR ACCOUNTS RECONCILLATION YOU CAN CONTACT FOR FREE AT [email protected]

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GSTR 3B VS GSTR 1 & ITC COMPARISON SHEET

Outward Supply and ITC Comparison Sheet is a sheet that shows the difference of outward supplies filed in GSTR 1 VS GSTR 3B and the difference between your claimed ITC in GSTR 3B vs ITC in GSTR 2B. Usually the ITC Comparison sheet was visible in the Return Dashboard next to GSTR 2A, but after introduction of GSTR 2B the ITC Comparison sheet is no longer can be accessed from return dashboard. Here are the Steps from where you can access the ITC Comparison sheet easily. Go to www.gst.gov.in Login with your credentials. Click on Services next to Dashboard on the top bar Click on Returns next to ledgers from the drop down menu In the drop down menu right hand side you can see Tax liabilities & ITC comparison sheet. Below is the image for better understanding. Then select Financial year for which you want to download the comparison sheet and click on search Then your comparison sheet will get open and will be visible as shown below in the image. You can also Download Excel file
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HOW MUCH ITC CAN BE CLAIMED OR WHAT IS THE LIMIT OF CLAIMING ITC AS PER GSTR 2B & GSTR 2A

  This is to brought in notice to every taxpayers that any leniency and ignorance of rules of ITC under GST Act can lead the taxpayers to a serious accusation and cancellation of GSTIN. Before there was no restrictions of claiming ITC as to what amount or proportion of ITC a taxpayer is claiming on the basis of the invoices they have. Before the taxpayers were allowed to claim ITC against all those invoices that are with them either visible in the GSTR 2A or in physical copy, which means that if any invoices that were not in GSTR 2A and the taxpayer claiming of having the hard copy of GST Invoice were allowed to claim ITC against that invoices(Not in GSTR 2A) also. But, now things has been changed a lot and at present the taxpayers can claim ITC with limits. Let us get explained in detail Recently when GSTR 2B came into effect there was a clause that taxpayers can claim ITC equal to GSTR 2B or maximum of 120% of GSTR 2B. Now this maximum of 120% has got reduced to 105% only . It me
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GST RATE CHANGES ON CLOTH, APPAREL, FABRIC, FOOTWEAR & MAN MADE FIBRE FROM 5% TO 12%

According to Notification by Ministry of Finance Under GST Act there will be changes of rates on CLOTH, APPAREL, FABRIC, FOOTWEAR & MAN MADE FIBER w.e.f. 01/01/2022 as notified in circular vide Notification No. 14/2021-IGST & Notification No. 14/2021-CGST Dated-18th November, 2021. The below mentioned amendments have been postponed by the Government by a new press release on 31st December 2021 in 46th meeting of GST council .  Changes in GST Rates of Woven Fibers which comes under sec 203,207,211,216-218,218A,218C,219A,219B,220,221-224,224A and 225 Previously the Rates on Woven Fibers and fabric cloth were likewise Apparels of MRP or Retail price Up to  ₹ 1000 - GST - 5% Apparels of MRP or Retail price Above  ₹ 1000 - GST - 12% Current Rates Applicable W.E.F. 01/01/2022 will be likewise All Apparels, Fabrics, Woven Fibers, blankets, linen, bags and any other made of cloth fabric  etc. starting from MRP  ₹ 1 - will be charged at a uniform GST - 12% Rate 5% has been abolished
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