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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.
FAQ :
November is critical for GST filing because it's the deadline for reconciling past claims and rectifying any errors made in the previous financial year, particularly concerning Input Tax Credit (ITC).
According to Section 16(4) of the CGST Act, ITC must be claimed 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.
To rectify mistakes, you need to reconcile your GSTR1, GSTR2B, and GSTR3B. You can then make corrections or adjustments in your current GSTR-3B return or GSTR1.
Adjustments for past GST claims can only be made in the October returns, which are to be filed on or before November 2024.
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