Tax payer having turnover less than 1.5 cr are required to file their GSTR-1 on quarterly basis and GSTR-3B on monthly basis.
New Rule of ITC claim requires taxpayers to match purchase bills before filing GSTR-3B. If bills are reflecting in GSTR-2A then you can claim credit but if bills are not reflecting in GSTR-2A then you can claim only 20% of credit.
Impact on Small Taxpayers
Suppose you have sales bill of Rs. 2 lakh plus gst @ 18% and purchase bill of Rs. 1 lakh plus GST @ 18%.
| Old rule | New Rule | |||||
| Taxable value | GST | Taxable value | GST | |||
| Sale | 200,000 | 36,000 | Sale | 200,000 | 36,000 | |
| Purchase | 100,000 | 18,000 | Purchase | 100,000 | 18,000 | |
| Tax Payable | 18,000 | not available in 2A due to GSTR-1 is filed quarterly | ||||
| Credit available as per new rule | 3,600 | |||||
| 32,400 | ||||||
Earlier you need to pay Rs. 18,000 but now you need to pay Rs. 32,400.
Download Circular No. 123/42/2019– GST
Download Notification No. 49/2019