Thread on Reporting of Input Tax Credit in GSTR-3B From November 2023 & onwards
Even though this reporting is effective from Aug 2022. Importance is understood now only after reminder regarding Declaration of Opening Balance of Recliamable ITC & notice under DRC 01C
@beevenkat
Part 1: Format and Legal Provisions
Part 2: How to keep working of ITC & what to be reported in table 4 of GSTR 3B
Statutory Provision of Reverse Charge Mechanism
Section 2 (98) Definition : “Reverse Charge”
Section:9(3)-Reverse Charge on specified Goods and Services
Section :9(4)-Reverse charge on supply from unregistered person
Section 5(3) of IGST Act, 2017
Section 5(4) of IGST Act, 2017