The Return for the month of September is the last Return in which to make any revisions or adjustments to the previous year's Income tax return filing. Consider the following scenario: for the fiscal year 2020-21, GSTR 3B and GSTR 1 are the final returns to be filed for all changes to transactions relating to the period April 2020 to March 2021, respectively.
Before submitting the GST Return filing for the month of September, the following steps must be completed:
Match the Sales Turnover recorded in GSTR 1 with the Sales Turnover reported in Books.
Match the Sales Turnover recorded in GSTR 3B with the Sales Turnover reported in Books.
Check to see whether all of the credit notes that have been issued have been disclosed in GSTR 1 and whether the impact of the same has been taken into account in GSTR 3B.
Determine if invoices raised to customers are recorded in B2B (customers with GSTIN) or B2C (customers without GSTIN) (Unregistered customers)
Make a comparison between GSTR 3B and GSTR 1 to see if all of the advancements have been recorded.
Check to see whether the GST paid on advances has been changed after the invoice has been issued, or if it has not.
Conversion of ITC from GSTR 2A/2B to Inward Register (reconciliation)
Follow up with the vendors whose ITC does not display in GSTR 2B / GSTR 2A to see why this is happening.
Check to see whether all of the debit notes that have been issued to you have been reflected in GSTR 2A/2B or if any of them have not.
Reverse all of the ITCs that were not eligible.
Confirm that the HSN Summary corresponds to the Sales Turnover Summary.
Following the submission of the GSTR 3B return for September, no more claims for unclaimed ITC will be accepted. Please make sure you completely review the preceding criteria before submitting any GST Returns for September.
This blog does not give legal, tax, or financial advice, and the material included within it is not intended to do so. It does not take into consideration your specific circumstances, ambitions, legal and financial condition, or requirements. In order to decide whether or not to act on any material in the Taxzona Blog, you should first determine whether or not the information is suitable for your case in conjunction with a competent adviser of your choice.
Comments
Post a Comment