GST Returns: 5 mistakes to avoid in Sept 2021 GSTR 1 and GSTR 3b
The September 2021 GST Returns are very important for every Registered Person under GST. Any changes or modification in the sale or purchase transactions done between April 2020 to March 2021 may be done only in the GST returns of September 2021. The last date for GSTR-1 of tax period September 2021 is 11th October 2021. The last date for filing the GSTR-3B for September 2021 is –
|20-10-2021||GST monthly return for turnover more than Rs 5 crore or who opted for monthly GSTR 3b filing.|
|22-10-2021||GST return having turnover less than 5 crores of state- Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh.|
|24-10-2021||GST return having turnover less than 5 crores of state-Jammu and Kashmir, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha.|
Which all mistake in filling GST returns, GSTR 3b or GSTR1, from 1st April 2020 to 31st March 2021, i.e. FY 2020-21, could be corrected in GST Returns of tax period September 2021. Why these GST Returns are of so much importance let’s understand with this article.
1. Change in Outward supply in GST Returns
In GSTR-1 of September 2021, you can amend the wrong entry of invoice from B2b to B2C or from B2C to B2B made in FY 2020-21. In so many compliances people will make one major mistake that can lead to the opening of GST or income tax scrutiny or assessments. The obvious reason for that is the turnover.
The turnover of the business shown in Income Tax Return should not be ignored and that should therefore match with GST Return. The FY 2020-21 Income Tax Audit is going on. You have shown your turnover, say 90 lakhs, then at the time of filing monthly GST return you should not forget that consolidated GST turnover (sum total of all GSTR-1 turnover) should also be equal in value to 90 lakhs. Otherwise, you may invite legal notices.
2. Change in Purchase Details
Ensure that all purchase invoices reported in your books during FY 20-21 are submitted to their GSTR1 by the supplier, so reconcile your GSTR2A or GSTR 2B. It is important to check for omission, alteration, or mistake in Input tax credit done by your supplier in their GSTR-1. September month GST Returns are last GST Returns for Matching and reclaiming of input tax credit left in FY 2020-21.
The taxpayer shall pay the tax and interest, if any, in case there is a short payment of tax on account of such error or omission, in the return to be furnished for such tax period. You are requested to Inform your vendors to include / make changes in their GSTR 1 for the month of September, 2021.
3. ITC of FY 2020-21
You will not be able to claim any missed GST ITC on Invoices belonging to FY 2020-21 so search any misplaced or unrecorded invoices. Any kind of omission or mistake in claiming ITC can be corrected in GSTR-3b .
If you used this opportunity very well then it will not create trouble for preparing Reconciliation statement for FY 2020-21.
4. Credit Note or Debit Note of FY 2020-21
Post September 2021, you will not be able to raise credit or debit notes to adjust your supply for FY 2020-21. Therefore figure out any bill that will not be received in the future. It is better to raise credit notes or debit notes related to purchase or sale done in FY 2020-21 to prevent GST major losses.
5. GST Payment in GST Returns
Save yourself from unwanted penalties and interest pay any GST payable for FY 2020-21 in September 2021 GSTR 3b. If GST is not paid within the due dates of filing GST return, Interest is paid at the following rates :
|Tax paid after due date||18% p.a.|
|Excess ITC Claimed or excess reduction in Output Tax||24% p.a.|
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925