Taxpayers are facing a critical issue with GSTR-2B for October 2024, generated on November 14, 2024. Incorrect data is leading to excess Input Tax Credit (ITC) being reflected in taxpayer records. If unchecked, this could result in erroneous GSTR-3B filings and hefty penalties.
Key Issues
1️⃣ Outdated Data Reflected: Old data from previous months is being displayed, causing confusion and potential double claims.
2️⃣ Impact on GSTR-3B: Erroneous ITC claims in GSTR-3B could invite penalties or notices from tax authorities.
3️⃣ IMS Discrepancies: The Invoice Management System (IMS) dashboard is showing invoices from unrelated months (e.g., September, November), adding to the chaos.
How to Stay Compliant
✔️ Cross-Check Data:
Match GSTR-2B with your books of accounts. Look out for duplicate or irrelevant invoices.
✔️ Avoid Double ITC Claims:
Check previous returns to ensure invoices from earlier months aren’t mistakenly claimed again.
✔️ Verify Invoice Details:
From the IMS dashboard, confirm supplier GST numbers, invoice dates, and statuses. Reject or adjust invoices as needed.
Filing Recommendations
✅ Thoroughly review GSTR-2B before filing GSTR-3B for October 2024.
✅ Use the IMS dashboard to ensure only valid invoices for the current period are considered.
✅ Make adjustments in GSTR-3B based on discrepancies identified.
Conclusion
This is a critical time for taxpayers to be vigilant about their GST filings. The errors in GSTR-2B data underscore the importance of careful cross-checking and compliance to avoid penalties. Stay informed, review your data, and file accurately to safeguard your business.
Don’t let system errors cost you—act now!