GST Daily
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Today’s newsletter analytically summarizes the top GST stories reported at taxmann.com.
Assessee's request to amend/rectify genuine mistake in Form DRC 03 to be allowed by dept.: HC?
In the present case, the assessee was required to reverse ITC and it reversed ITC through Form DRC-03, but inadvertently mentioned year as Financial Year 2019-20 instead of financial year 2018-19. Despite submitting details and explanations for reversal along with submission of Form DRC-03, and requesting consideration of these payments for financial year 2018-19, Final Audit Report was issued to assessee, demanding payment along with interest.??
The GST department acknowledged assessee’s payments but contended that payments made via Form DRC-03 were for financial year 2019-20 and refused to recognize them for financial year 2018-19. It filed writ petition since request to amend/rectify genuine mistake in Form DRC-03 was denied by department.??
The Honorable High Court recognized the bonafide mistake made by assessee in mentioning wrong financial year. The Court also observed that the department was aware that there was no loss of revenue to Government and therefore, bona fide inadvertent errors in furnishing details need to be recognized and ought to be permitted to be corrected. Thus, the Court directed department to permit assessee to amend Form DRC-03 to reflect correct financial year.?
GSTN Advisory on GSTR-1/IFF: Introduction of New 14A and 15A tables?
The GSTN has issued an advisory to inform all taxpayers that two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 or liable to pay tax u/s 9(5).??
These tables have now been made live on the GST common portal and will be available in GSTR-1/IFF from February 2024 tax period onwards. These amendment tables are relevant for those taxpayers who have reported the supplies in Table 14 or Table 15 in earlier tax periods.
That’s it from us for today! Stay Tuned for more updates from Taxmann.com.
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