Taxpoint: Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4)

Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4)

Now GSTR-3B data will be Auto-populated as per Data filed/ available in GSTR-1 and GSTR-2B.

For the taxpayers who have opted to file GSTR-1 on monthly basis, the following new features are made available:

The system computed summary of GSTR-3B is available on the basis of filed GSTR-1. It can be downloaded by clicking on the ‘SYSTEM COMPUTED GSTR-3B (PDF)’ button.
The summary is generated for tables 3.1 (a), (b), (c), (e) and table 3.2.
Table 3.1(d) is not auto-drafted based on GSTR-1.
For Tables 3.1 (d) and 4 – The input tax credit/reverse charge liability has been auto-populated on the basis of the GSTR-2B generated.
The values so auto-drafted may be used to fill in relevant tables in FORM GSTR-3B.
The System computed summary will also be sent to your registered email ID.

For the taxpayers who have opted to file GSTR-1 on Quarterly basis:

Currently, facility of system computed GSTR-3B details are not available for taxpayers opting to file GSTR-1 on a quarterly frequency.
However, For Tables 3.1 (d) and 4 – The input tax credit/reverse charge liability has been auto-populated on the basis of the GSTR-2B generated.

In case ITC (Input Tax Credit) is entered in Table 3.1 (d) which is in contravention to Rule 36(4) of the CGST Rules, 2017, the same is warned by the portal.

Prefilled GSTR-3B now Live, ITC restricted as per rule 36(4)

As per Rule 36(4) Input tax credit [ITC] to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 10 percent of the eligible credit available.

You can refer below mentioned video for more understanding of the GST Portal Update.

GSTR-3B Update | Taking ITC in contravention to GST Rules can be Risky