GST UPDATE

????Desk of CA. Praveen Sharma 

Series- 471????

Advisory on GSTR-1/IFF: Introduction of New 14 and 15 tables

1- As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1.

2- To capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). 

3- These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Please click here for the complete advisory.

4- The values will be auto populated from Registered Supplier and Registered Recipient

(B2B) and Unregistered Supplier and Registered Recipient (URP2B) section of table 15

to this new ECO - Documents table of GSTR-2B

5- To view the records in ECO-Documents table, taxpayer can navigate to Returns

Dashboard > Selection of Period > Auto- drafted ITC Statement for the month GSTR 2B >

View > ECO Documents.

The advisory provides clarification on disclosure in cases such as:

? Where the supplier & recipient are registered

? Where the supplier is registered, but recipient is not

? Where recipient is registered, but supplier is not

? Where both supplier & recipient are unregistered

Further, values shown by the ECO in Table 15 would be auto-populated in Table 3.1.1(i) of GSTR-3B. This ensures reco between GSTR-1 & 3B.

Read More:https://www.edatabook.com/c-detail/3888 

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CA. Praveen Sharma 

https://www.linkedin.com/in/capraveensh