Mitali
Quick Summary
GST Returns which are to be filed in November month, those returns are very important as in this month you need to reconcile them thoroughly.
Why the month November considered very important for GST Filling?
Section 16(4) of the CGST Act sets a deadline for claiming Input Tax Credit (ITC) on invoices or debit notes. A registered person must claim ITC by the earlier of:
- The due date for filing the November return of the next financial year, or
- The date of filing the annual return for that year.
How to rectify the mistakes if made in the FY 2023-24?
- First, you need to reconcile GSTR1, GSTR2B, GSTR3B etc.
- Check out the previous year's returns to locate any missed or incorrect outward supply made or ITC claimed.
- To rectify those mistakes you make corrections in a current GSTR-3B return or in GSTR1 you can make adjustments in the current year's GSTR-3B return.
Note - You can only make this adjustment only in Oct 24 returns which is to be filed on or before Nov 2024.
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