Rising compliance and festival surge set stage for historic November GST collection As November 30 approaches, GST officials’ expectation of revenue collection is reaching its peak. E-way bill generation in October has already given very high hopes.

The combination of compliance and consumption will likely result in the collection in November either close to an all-time high collection of Rs 1.87 lakh crore (April 2023) or even exceeding that. Data for GST collection in November is to be made public on December 1.

According to new compliance rule, “the taxpayers have to reverse the Input Tax Credit (ITC) availed on such invoice or debit note, the details of which have been furnished by their supplier in their GSTR-1/IFF

but the return in FORM GSTR-3B for the said period has not been furnished by their supplier till the 30th day of September following the end of financial year in which the Input Tax Credit in respect of such invoice or debit note had been availed.

” Further, the said amount of ITC must be reversed by such taxpayers while furnishing a return in FORM GSTR-3B on or before November 30 following the end of such financial year, as part of this legal obligation. Taxpayers have already been communicated about that.