Bimal Jain
Quick Summary
We are fast approaching the end of September 2022. It mandates for important activities to be carried out under the GST laws for smooth filing of Annual Return (GSTR 9) and Self Certified Reconciliation Statement (GSTR 9C) for the Financial Year (FY) 2021-22. We have listed down certain important ac
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FAQ :
The main purpose is to ensure smooth filing of the Annual Return (GSTR 9) and Self-Certified Reconciliation Statement (GSTR 9C) for the Financial Year 2021-22.
The time limit for availing ITC for FY 2021-22 is the due date for filing GSTR-3B for September 2022 following the end of the financial year, or the date of filing the annual return, whichever is earlier.
You should follow up with your vendors or suppliers to amend, furnish, or report their outward supply transactions, ensuring taxes are paid in their GSTR 3B, especially if these transactions are not auto-populated in your GSTR 2A/2B.
Credit notes for supplies made during FY 2021-22 can be issued by September following the end of the financial year, or by the date of filing the annual return for FY 2021-22, whichever is earlier.
You need to reconcile the turnover reported in GSTR 1/GSTR 3B with your books of accounts for FY 2021-22, ensuring correct HSN/SAC codes and GST rates are applied. Outward supplies from April to September 2022 relating to FY 2021-22 must also be captured.
If payment to a supplier is pending beyond 180 days from the invoice date and ITC has been availed, the ITC must be reversed along with interest. This ITC can be re-availed later if payment is made, without the Section 16(4) time limit applying to re-availment.
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