Points to remember while filing Nov'22 GST Returns
As we all know that Statutory Audit for the FY 2021-22 has been completed and the books of the account has been finalized and audited by the Auditors.
So, here is an important checklist for all the taxpayers to consider before filing the November GST Returns:
Outward Supplies - Check whether any difference is there in the outward supplies between the books and the GST Returns for the FY 2021-22.
a. Under Reported Sales in GST Returns:
Report the same in GSTR 1 by adding invoice or Debit Note.
Report the same in GSTR 3B by increasing the Taxable Value & Tax.
b. Over Reported Sales in GST Returns:
Report the same in GSTR 1 by reducing the B2B or B2C sales or by issuing credit note.
Report the same in GSTR 3B by reducing the Taxable Value & Tax.
Reverse Charge - Check whether the registered person has paid Reverse Charge on the appropriate item and at the appropriate rate and claimed the input for the same for the FY 2021-22.
Input Tax Credit - Check with the books whether the registered person have availed all the credit for which he is eligible for the FY 2021-22.
Reconcile GSTR 2B with ITC Available in the Books of Account and if ITC has not been availed or excess availed then suitable adjustment needs to be made.
ITC Reversal in case of registered person making both taxable and exempted supplies.
ITC Reversal in case of In-eligible ITC availed under Section 17(5).
Re-claim ITC in case ITC was reversed during the year on account of non-payment to suppliers within 180 days. Taxpayers can again claim the ITC after payment to the supplier.
Avail ITC on small expenses like Internet bills, Telephone bills, Bank Charges, Courier Charges, etc.
Disclaimer: This GST update has been compiled for our clients and team of Seth & Associates. The same is not being circulated with the intent of advertising or soliciting any professional work. This update is only for the purpose of ease of understanding.
F.C.A., DISA (ICAI), B. Com
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