October 2019 is the month for filing GST returns for the tax period of September 2019. The due dates are-
|GSTR 1 (For turnover above 1.5 crore)||11th October 2019|
|GSTR 3b||20th October 2019|
|GSTR 1 (For turnover upto 1.5 crore)||31st October 2019|
Any mistake in filling GST returns, GSTR 3b or GSTR1, from 1st April 2018 to 31st March 2019, i.e. FY 2018 -19, could be corrected in GST Returns for tax period September 2019.
The last chance to fix your mistakes committed in filing previous GST returns for the tax period April 2018 to March 2019.
Below are the corrective majors one should take in September GST Returns-
- Post sept. 2019, you will not be able to raise credit or debit notes to adjust your supply for FY 2018-19. Therefore figure out any bill that will not be received in the future. It is better to raise credit notes to prevent GST major losses.
- You will not be able to claim any missed GST ITC on Invoices belonging to FY 2018-19 so search any misplaced or unrecorded invoices.
- Ensure that all purchase invoices reported in your books during FY18-19 are submitted to their GSTR1 by the supplier, so reconcile your GSTR2A.
- Save yourself from unwanted penalties and interest pay any GST payable for FY 2018-19 in September 2019 GSTR 3b.
- If you used this opportunity very well then it will not create trouble for preparing Reconciliation statement for FY 2018-19.
- Amend the wrong entry of invoice from B2b to B2C or from B2C to B2B.
- 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 2018-19 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.
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The author of above article is Riya Thawani.