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Return for the period of September is the last Return for making all the amendments & adjustments for the previous year.
Suppose, for example for the year 2020-21, GSTR 3B and GSTR 1 is the last return for filling all the amendments of the transactions related to the period April 2020 to March 2021.The following actions have to be taken before filing GST Return for the month of September :Reconcile Sales Turnover reported in GSTR 1 with that of BooksReconcile Sales Turnover reported in GSTR 3B with that of BooksCheck whether all the credit notes issues has been declared in GSTR 1 or not and the effect of the same is taken in GSTR 3B.Reconcile if invoices raised to customers are reported in B2B (customers with GSTIN) or in B2C (Unregistered customer)Reconcile whether all the advances have been reported in GSTR 3B and GSTR 1Reconcile whether the GST paid on advances have been adjusted once the invoice is issued or notReconciliation of ITC from GSTR 2A/2B with Inward RegisterFollow up with the vendors whose ITC is not appearing in GSTR 2B / GSTR 2ACheck whether all the debit notes issued to you have been reflected in GSTR 2A/2B or not.Reverse all the ineligible ITCReconcile HSN Summary with that of Sales Turnover.No additional claim of missing ITC may be made available post-filing of September GSTR 3B return.
Please thoroughly follow the above checklist before you file any September GST returns.The information provided in the Taxzona Blog does not constitute any legal, tax or financial advice.
It does not take into account your particular circumstances, objectives, legal and financial situation or needs.
Before acting on any information in the Taxzona Blog you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing.
The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.
The meeting was attended by Shri.
Anurag Thakur, Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and Senior officers from Union Government & States.In the last meeting i.e.
the 41st GST council meeting, Centre had given two borrowing options to States to meet GST compensation requirement for the current financial year.
GST has completed 4 years on 1st July 2021.
Till now India has started to generate around 1 lakh crore per month.
However even if the revenue has increased still the taxpayers have decreased.
The main reasons why GST taxpayers have decreased is the complication of online GST Return Filing.As of now a normal taxpayer needs to file following online GST returns viz: Online GSTR1 FilingOnline GSTR3B FilingOnline Annual 9R Filing.In total the number of online gst returns filed rounds upto 16returns per year, which is a huge amount of work and not at all simple for small businessman.
No doubt government has rolled out online gst return filing composition scheme for SMEs, but it has a limitation that ITC cannot be claimed in such return filings, which makes the scheme of no use.GST Registrations and cancellations although are online gst forms but still they take much of a time for approval.
In such scenarios it becomes inevitable to have a online GST return filing consultant, who takes the load of the taxpayer and handles the online gst return filing process.One of a good and expert consultant for this work is Consultaxx.
