GSTR-2B : Hon’ble Finance Minister, Nirmala Sitharaman, in the Budget 2021-22, proposed changes through the Finance Bill, 202 to include a new condition for availing ITC under the Central Goods and Services Tax Act, 2017 amends. The new condition for availing ITC is as follows:

“In section 16(2) of the CGST Act, after clause (a), it was proposed to insert a new clause ‘(AA)’ for claiming ITC on the basis of GSTR-2A and newly introduced GSTR Provides an additional condition.-2B, i.e., ITC on an invoice or debit note can be availed only if the details of such invoice/debit note have been furnished by the supplier in his outward supplies (GSTR-1) and this such particulars have been communicated to the recipient of such challan or debit note.”

Hence from January 2022, Input Tax Credit (ITC) will be available only to what is reflected in GSTR-2BFor simplification and better understanding of the provisions, here is the flow chart of what (+) and what less (-) to add (+) to GSTR-2B to arrive at “ITC to be claimed” in GSTR-2B.,