GST Tip – 337

On receipt of request from the taxpayer for payment of taxes on provisional basis in FORM GST ASMT-01 under Section 60 of the CGST Act, the proper officer on the receipt of application if required can call for additional information FORM GST ASMT-02 and the taxpayer can file the reply in FORM GST ASMT-03 for the additional information asked by the concerned officer.


GST Tip – 169

Input tax credit availed on provisional basis has to be reversed if the supplier has not paid the input tax credit along with interest for the period from the date of availing ITC to the reversal. The same be taken if the supplier pays the tax but in the new GST Law released looks like the interest paid will not be allowed to the recipient which means a cost.

GST Tip – 107

In GST, there will be some cases where the input tax credit availed has to be reversed like if the buyer has taken on provisional basis and supplier has not paid the tax or input tax credit availed on inward supplies but the same were used in supply of exempted goods, then Input tax credit availed has to be reversed along with the reason for reversal in Table 14 of GSTR – 2