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GSTR-3B Filed With Wrong ITC Amount? How to Correct Excess or Short ITC

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  GSTR-3B Filed With Wrong ITC Amount? How to Correct Excess or Short ITC Filing GSTR-3B with an incorrect Input Tax Credit (ITC) amount can create problems for businesses during GST reconciliation and future return filing. You may have claimed more ITC than is eligible, missed some eligible purchase credits, or entered an incorrect figure while preparing the return. Once GSTR-3B is filed, correcting the mistake requires following the prescribed GST procedure. The impact of an incorrect ITC claim depends on the nature of the error. Excess ITC may require reversal and could attract interest if wrongly utilized. On the other hand, eligible ITC that was missed may be claimable in a subsequent return, subject to GST conditions and the statutory time limit. Understanding why the ITC amount was incorrect and taking timely corrective action can help businesses avoid further GST compliance issues. Sharda Associates assists businesses with GST return reconciliation, ITC verification, and c...
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Foreign Bank Account or Shares Not Reported in ITR? Can You Use the New FAST-DS 2026 Scheme?

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Did you forget to report a foreign bank account, overseas shares or other investments in your Indian Income Tax Return (ITR)? Even if the money was earned outside India or the investment was made several years ago, failing to disclose applicable foreign assets can create income tax compliance problems. To address certain past disclosure lapses, the Government of India has introduced the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) . This one-time voluntary disclosure scheme provides eligible taxpayers an opportunity to declare specified undisclosed foreign assets or income by paying the prescribed tax or fee. The declaration window is open from 16 August 2026 to 31 December 2026 . However, the scheme does not cover every foreign investment or every taxpayer. Understanding its eligibility conditions, payment requirements, and exclusions is essential before submitting a declaration. What Is FAST-DS 2026? FAST-DS 2026 is a one-time voluntary disclosure schem...
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Location: India
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