CIRCULAR NO. 183/15/2022-GST [F. NO. CBIC-20001/2/2022 - GST], DATED 27-12-2022

CLARIFICATION TO DEAL WITH DIFFERENCE IN INPUT TAX CREDIT (ITC) AVAILED IN FORM GSTR-3B AS COMPARED TO THAT DETAILED IN
FORM GSTR-2A FOR FYs. 2017-18 AND 2018-19
CIRCULAR NO. 183/15/2022-GST [F. NO. CBIC-20001/2/2022 - GST], DATED 27-12-2022
Section 16 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as "CGST Act") provides for eligibility and conditions for availing Input Tax Credit (ITC).
During the initial period of implementation of GST, during the financial years 2017-18 and 2018-19, in many cases, the suppliers have failed to furnish the correct details
of outward supplies in their FORM GSTR-1, which has led to certain deficiencies or discrepancies in FORM GSTR-2A of their recipients. However, the concerned recipients
may have availed input tax credit on the said supplies in their returns in FORM GSTR-3B. The discrepancies between the amount of ITC availed by the registered persons in
their returns in FORM GSTR-3B and the amount as available in their FORM GSTR-2A are being noticed by the tax officers during proceedings such as scrutiny/ audit/
investigation etc. due to such credit not flowing to FORM GSTR-2A of the said registered persons. Such discrepancies are considered by the tax officers as representing
ineligible ITC availed by the registered persons, and are being flagged seeking explanation from the registered persons for such discrepancies and/or for reversal of such ineligible ITC.

2. It is mentioned that FORM GSTR-2A could not be made available to the taxpayers on the common portal during the initial stages of implementation of GST. Further, restrictions
regarding availment of ITC by the registered persons upto certain specified limit beyond the ITC available as per FORM GSTR-2A were provided under rule 36(4) of
Central Goods and Services Tax Rules, 2017 (hereinafter referred to as "CGST Rules") only with effect from 9th October, 2019. However, the availability of ITC was subjected
to restrictions and conditions specified in Section 16 of CGST Act from 1st July, 2017 itself. In view of this, various representations have been received from the trade as well as
the tax authorities, seeking clarification regarding the manner of dealing with such discrepancies between the amount of ITC availed by the registered persons in their
FORM GSTR-3B and the amount as available in their FORM GSTR-2A during FY 2017-18 and FY 2018-19.

EXTENTION OF DUE DATES FOR COMPLIANCES:

- Due dates of all income-tax returns for the Financial Year 2019-20 extended from 31-07-2020 (Salary, non audit returns) and 31-10-2020 to 30-11-2020 (Corporate and Tax audit returns.

- Due dates for tax audit under section 44AB has been extended from 30-09-2020 to 31-10-2020.

- Last date for opting for Vivad se Vishwas Scheme without paying additional 10 per cent of the disputed tax till 31-12-2020.

- The due date of 30-09-2020 for completion of assessments has been extended to 31-03-2020. Where assessments are getting barred on 31-03-2021, they shall be extended to 30-09-2021.

- The Central Board of Indirect Taxes and Customs (CBIC) has extended the timeline for payment of dues under the Sabka Vishwas (Legacy Dispute Resolution) Scheme to 30-06-2020.

Initiatives by SEBI:

- halved the fee charged from brokers and also from companies coming out with public issues and rights issues during 01-06-2020 to 31-12-2020.

- For issues of over Rs 5,000 crore, the fee will be halved to Rs 2.50 crore plus 0.0125 per cent of the portion exceeding Rs 5,000 crore.

- As regards the rights issue, there will be a flat fee of Rs 25,000 if the issue size is less than Rs 10 crore (Rs 25 crore after 21-04-2020). In case the size of the rights issue is more than Rs 10 crore (Rs 25 crore after 21-04-2020), the fee would be 0.025 per cent, down from 0.05 per cent.

- for buy-back of shares it will be Rs 2.5 lakhs if the offer size is less than Rs 10 crore and 0.25 per cent if it is more than Rs 10 crore but less than Rs 1,000 crore, If the size of the buy-back offer is more than Rs 1,000 crore, the fee will be Rs 2.50 crore plus 0.0625 per cent of the portion of the offer size in excess of Rs 1,000 crore.

- SEBI has also relaxed procedural matters relating to Takeovers and Buy-back of securities