A potential glitch in the GST return filing process has caused piling up of hundreds of crores rupees with the government, which actually should be credited to the organizations in respect of their Input Tax Credit. The missing column of carrying forward of ITC [of the pre GST era] in the form GSTR-3B is causing all the trouble and the organizations have to pay the GST for the month of July and August’17, which actually should have been set off against the ITC.
Industry experts are treating as an avoidable error and are not doubting the government’s intent, however, they seek an immediate corrective reaction from the GST Council.
Large conglomerates in each sector are feeling the intense heat and are under immense pressure of managing the cash supply for the routine business operations.
GST experts, tax honchos and the industry watchers – Each one is looking up to the government to make the needed amendments in the GSTR -3B.
As reported in Economic Times.