Taxpayers should keep in mind while GST Returns filing

Checklist for GST Taxpayers should keep in mind below points while filing GST Returns of Sept Month.

1. Whether GST reconciliation of outward supplies disclosed in books & GST Return has neen made properly:

• • Ensure that, Supplier needs to reconcile the differences between the outward supplies disclosed in the return filed for the financial Year 2020-21 & books of account.
  • If any differences exist, then taxpayers need to rectify the same, by making adjustments in GSTR- 1 & GSTR -3B for the month of Sept. 2021.
  • In case the sales are under-reported in returns, report the same by adding respective invoice in GSTR-1, & increase taxable value & taxes in GSTR-3B & Vice versa.

Also read: Overview of GST Audit & its Procedures

2. Whether any issuance of credit note during the period?

• • Ensure that, As per the time limit given in Section 34 of CGST ACT, 2017 supplier will not be able to raise credit notes in a case where the tax amount charged or the taxable value reflecting in the GST tax invoice issued by a supplier for a supply made in financial year 2020-21 is detected to exceed the value of such supply made or where the supply made is to be returned, after the due date of GST return for Sept. 2021.
  • if Supplier desires to adjust the output tax liability owing to the reasons mentioned above, such credit notes should be issued within the stipulated time period to prevent the loss of GST paid on such invoice.

3. Comply the Amendment to GSTR 1 provision:

• • Ensure that, Amendment of the wrong entry of invoice from from B2C to B2B or B2B to B2C in GSTR 1 for invoice related to financial year 2020-21 if needed to be made, same should be made in GST return for Sept. 2021.

4. Whether claim of input tax credit for financial year 2020-21:

• • Ensure that Recipient will not be able to claim any unclaimed input tax credit on invoices belonging to the financial year 2020-21 after due date of GST return filled for Sept 2021.
  • GST Taxpayers should search for any unrecorded or misplaced invoices on which input tax credit is not claimed & claim same in GST Return for of Sept. 2021 to comply with the time for availing input tax credit as per section 16(4) of CGST ACT, 2017.

5. Whether reversal of input Tax credit as per of the Central Goods and Services Tax (CGST) Rules,. 2017 42 and 43:

• • Ensure that Recipients are needed to recalculate reversal of input tax credit annually as per rules 42 and 43 of the Central Goods and Services Tax (CGST) Rules,. 2017 (on capital goods, inputs & input services) which was used for the making both taxable & exempt supplies or used for both business & non-business purpose and any Excess/ Short reversal earlier shall be claimed/reversed in the return for the Sept 2021.

6. Whether payment to the supplier made within 180 days from the date of invoice

• • According to the Rule 37 if after availing of input tax credit relating to the inward supply of goods or services if the non-payment of receipt of the value of supply (Complete or proportionate) on or before 180 days from the date of invoice.
  • Thereafter Complete or proportionate input tax credit is needed to be reversed. while filing the return for the month of Sept 2021, proportionate or complete reversal of Input tax credit is to be made in case of non-payment of any GST invoice value vis-à-vis completion of 180 days from the date of invoice.

7. Whether Reconciliation of GST taxes paid under the Reverse charge mechanism:

• • Ensure that Recipient shall cross-check whether the Goods and services Tax under reverse charge mechanism for all the applicable transactions at the appropriate rate has been paid & claim the GST input tax credit for the same in the Financial Year 2020-21 made.
  • If not paid so GST under reverse charge mechanism is required to be paid in the GST return for the Sept 2021.

8. Whether GST reconciliation with GSTR 2A or GSTR 2B has been made? :

• • To comply with rule 36(4) of the Central Goods and Services Tax (CGST) Rules,. 2017, GST taxpayers need to prepare reconciliation of GSTR-2A or GSTR 2B with that of Input tax credit availed in the purchase register for the financial year 2020-21
  • Ensure that, GST Invoice wise, party-wise, and amount wise (taxable value along with GST Tax) reconciliation to be made.

9. Whether GST reconciliation of TDS & TCS has been made ?:

• • According to the provisions of sections 51 & 52 of CGST ACT, 2017, which are related to TDS and TCS under GST, stated that reconciliation required to be made for amount of TDS deducted & TCS collected in books of accounts & same has been deposited with a government of india and furthermore provision of the same has been made in books of accounts.
  • If there is any mistake or omission, than follow-up in this regard should be taken with the concerned partly for deduction, timely deposit & disclosure in the GST return for the month of Sept has been made.

10. Is all other related Points has been consider before filling?

• In the case of Multi locational GST taxpayers firm/company shall make sure that
• GST invoices for cross charge have been properly issued,
• All the GST has been paid on all the inter-state branch transfers,
• Moreover, inter-state branch transfers are reconciled by reconciled & matching GSTR 1 along with GSTR 2A,Proper reconciliation of input tax credit claimed on import with ICEGATE ( e-Commerce Portal of  Indian Customs Electronic Gateway data.

Popular blog:-

• Extention of TDS/TCS statement filing Date
• Priority action before sept gst returns
• Avoidance of GST Registration Suspension