We all are thoroughly conscious of the significance of filing GST returns of September for any Financial Year. This is the last opportunity to make corrections in GST returns filed for FY 2020-21. As we’re stepping into September, some important points to be considered before filing GST returns of September are summarized below.

Amending/Adding Outward Supply:

1. If any sales have been short reported, misreported, or excess reported in GST returns filed for FY 2020-21; then same can be modified/rectified at the time of filing of GST return for the month of September.
2. Similarly, if any sales have been omitted from declaring in GST return for FY 2020-21; then please declare the same in the Return for the month of September 2021. Please note that interest @18% p.a. is applicable in case you have delayed in declaring Tax Liability.
3. Issuance of Credit Note pertaining to Invoices raised in FY 2020-21 cannot be issued after filing of return for the month of September 2021.

Claiming of Input Tax Credit (ITC) of invoices of FY 2020-21:

1. If you did not disclose eligible purchases in GSTR-3B for FY 2020-21, GSTR 3B for the month of September is the last opportunity to claim ITC of invoices or debit notes in GSTR 3B of September.
2. If ineligible ITC has been claimed, please make ITC reversals.
3. Reversal of ITC, if payment to the vendor has not been made within 180 days from date of invoice.
4. Input tax credit appearing in GSTR 2A/2B but not claimed in GSTR 3B should be identified, reconciled and if eligible ITC has not been claimed; it should be claimed in GSTR 3B of September. In case, ITC has been claimed but not reflecting in GSTR 2A/2B, follow up may be undertaken with the concerned supplier so that it is reflected in GSTR 2A/2B.
5. Please note that interest @18% is applicable in case of reversal of ITC.

Conclusion:

As of now, there is no option for revising a return in the GST Law. But the GST department has given the taxpayers, sufficient time to rectify their errors & mistakes, of which September is the deadline. Once the return of September 2021 is filed, no changes or rectifications can be made further.

Please feel free to get in touch with us in case of any difficulty in this regard.