Since FY 2017-18 is the first year of Implementation of GST in India, Govt is already issuing many amendments to the Goods & Services Tax Act 2017 to help the taxpayers to file & correct their returns for the first year of implementation. Waiving off the Late Filing Fees for Jul 2017 – Sep 2018 until 31 March 2019 was one such move.
There were many amendments came in the past few months & hence, there is some importance for the GST Returns for March 2019 & Q4 2018-19 returns. Let’s review them in detail in this article.
GSTR-3B Returns March 2019 is the Last Chance to claim/rectify the Input Tax Credits for FY2017-18
As per the Order No. 02/2018-Central Tax on 31 Dec 2018, the taxpayers will be able to Claim any missing Input Tax Credits of FY 2017-18 which they did not claim in GSTR-3B returns for the respective months or within the stipulated time, along with GSTR-3B Return of March 2019, which is due on 20 Apr 2019.
As per the Original Section 16 of CGST Act, the taxpayer could only claim/rectify ITC issues only until Sep 2018 returns for the FY 2017-18 or until the Annual Return for the Financial year whichever is earlier.
Provided that the registered person shall be entitled to take input tax credit after the due date of furnishing of the return under section 39 for the month of September, 2018 till the due date of furnishing of the return under the said section for the month of March, 2019 in respect of any invoice or invoice relating to such debit note for supply of goods or services or both made during the financial year 2017-18, the details of which have been uploaded by the supplier under sub-section (1) of section 37 till the due date for furnishing the details under sub-section (1) of said section for the month of March, 2019.
This means the taxpayer will be able to claim the ITC that they missed claiming earlier for FY 2017-18 IF the same is uploaded by the Supplier in their GSTR-1 and is reflecting in GSTR-2A. Hence, please make sure you do an End2End GSTR-2A Reconciliation with your purchase entries & validate the total amount of ITC claimed in GSTR-3B filing.
GSTR-1 Returns March 2019 is the Last Chance to rectify any errors/missing entries in GSTR-1 for FY2017-18
As per the Order No. 02/2018-Central Tax, the taxpayers will be able to Amend sections of GSTR-1 or add any missing Invoices, Credit Notes, Debit Notes, etc. Now those missing entries or amending wrong entries made during GSTR-1 Returns of FY2017-18 can be done along with GSTR-1 Return of March 2019, which is due on 11 Apr 2019 for regular taxpayers and 30 Apr 2019 for those who opted for quarterly filing.
Provided further that the rectification of error or omission in respect of the details furnished under sub-section (1) shall be allowed after furnishing of the return under section 39 for the month of September, 2018 till the due date for furnishing the details under subsection (1) for the month of March, 2019 or for the quarter January, 2019 to March, 2019.
This means the taxpayers will be able to rectify the mistakes that they made during GSTR-1 filing of FY 2017-18 along with March 2019 GSTR-1. Which means, taxpayers will be able to amend all section of GSTR-1 and, will be able to add any missing entries in their GSTR-1s. Most common errors people make are below.
- Wrong turnover calculation due to complex data from Marketplaces
- Entering B2B sales as B2C Sales
- Missing entries especially in case of B2B invoices, credit notes, debit notes, etc.
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