GST UPDATE
Desk of CA. Praveen Sharma
Series- 459
Form GST DRC-01C
It's an intimation form issued by the GSTN to taxpayers regarding any discrepancies between the ITC available in GSTR-2B statement and the ITC claimed in the GSTR-3B return.
Purpose of Form GST DRC-01C ?
To identify and reconcile any discrepancies in ITC claims made by taxpayers. This helps to ensure that taxpayers are correctly utilizing their ITC benefits and adhering to GST compliance requirements.
Who Receives Form GST DRC-01C ?
Form GST DRC-01C is issued to registered taxpayers who have filed their GSTR-3B return and there is a difference between the ITC available in GSTR-2B and the ITC claimed in GSTR-3B beyond the prescribed threshold.
Key Components of Form GST DRC-01C ?
Part A: Issued by GSTN, it provides details of the discrepancies in ITC claims.
Part B: Response section for the taxpayer to provide explanations or reasons for the discrepancies.
Actions Required Upon Receiving Form GST DRC-01C ?
Review the discrepancies: Carefully examine the details provided in Part A to understand the nature of the ITC mismatches.
Provide explanations: If the discrepancies are due to genuine reasons, such as delayed receipt of invoices or errors in data entry, provide clear explanations and supporting documentation in Part B.
Pay any outstanding ITC: If the discrepancies are due to excess ITC claims, make the necessary payment along with applicable interest through Form GST DRC-03.
Submit Part B: File Part B electronically within the specified timeframe, even if there are no discrepancies to be explained.
Consequences of Non-Compliance ?
Non-availability of ITC: The taxpayer may be restricted from utilizing the disputed ITC until the discrepancies are resolved.
Blocking of GSTR-1/IFF filing: The taxpayer may not be able to file their GSTR-1/IFF return for the subsequent tax period until they address the Form GST DRC-01C intimation.
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CA. Praveen Sharma
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