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GST - THINGS TO BE TAKEN CARE BEFORE SEPTEMBER 2019

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GST has completed its second financial year and there are certain critical issues we have faced while compiling GSTR-9 for 2017-18. So it is necessary to be consider following critical areas by the taxpayers on or before 30 September 2019.

1. Any Amendment of Invoices or Credit Note relating to Financial Year 2018-19.

The Invoices related to last financial year uploaded in GSTR-1 cannot be amended or altered later filing the GSTR-1 for the month of Sep 2019. Any corrections to be done has to be taken care now. Otherwise we would face mismatches while compiling the GSTR-9 for 2018-19

2. Any differences between Books and 3B Return has to be adjusted (increase or decrease) before September

The difference between 3B and Books or any errors in 3B returns has to be corrected in the forthcoming 3B returns for the month of August and September. If the corrections are not done, we would face differences while compiling GSTR-9 for 2018-19 and it would create differential tax liability and unwanted additional Interest.

3. Credit Notes in relation to supplies made upto 31st March 2019 cannot be issued after 30th Sep 2019

The Credit notes in relation to supplies for the previous financial year 2018-19 on account of any reasons (like variance in price, discount, cancellation of contract, return of supplied goods ) have to be issued before 30th Sep 2019.

4. Availing of Input Tax Credit for Invoices/supplies relating to last year should be taken before 30th Sep 2019

Any credit on account of Inward supplies , which was not availed has to be availed before 30th Sep 2019. If not availed, then the Credit would be lapsed. Please also note the other conditions that credit on a invoice cannot be taken after one year from the date of Invoice. It is also to be noted that any excess credit availed also has to be reversed before 30th September along with Interest.

5. Reconciliation of Books, GSTR-1,GSTR-3B and GSTR-2A

The Complete and through reconciliation of the data reported in GSTR-1, GSTR 3B and GSTR-2A with the books of accounts would be great saviour to us. We may not face any huge difference while compiling GSTR-9 and we wont miss any unavailed Input credit.

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