Desk of CA. Praveen Sharma
Negative Values in Table 4 of GSTR-3B
Short Summary Video Link: https://youtu.be/by2nwlWWIrU
1- NN 14/2022 – CT has notified a few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal, and ineligible ITC in Table 4 of GSTR-3B.
2- The net ITC is to be reported in Table 4(A) and ITC reversal, if any, is to be reported in Table 4(B) of GSTR-3B.
3- Currently in GSTR-3B, CN is being auto-populated in Table 4B(2), as ITC reversal. Now in view of the said changes, the impact of credit notes is also to be accounted for on the net off basis in Table 4(A) of GSTR-3B only.
4- The impact of credit note & their amendments will now be auto-populated in Table 4(A) instead of Table 4(B) of GSTR-3B .
5- In case the value of credit notes becomes higher than the sum of invoices and debit notes put together, then the net ITC would become negative and the taxpayers will be allowed to report negative values in Table-4A.
6- The taxpayer can now enter negative values in Table 4D(2) of GSTR-3B.
CA. Praveen Sharma