Ajay Kumar Maggidi
Quick Summary
We all are very well aware importance of Sept monthly GST returns for any financial year. This month is the last choice to make corrections in GST returns relating to sales or purchases.
As we are entering into September month certain activities are to be taken in September-2021 GST returns for the FY 2020-21. Below are the summarized points.
Amend/declare outward supplies (Sales) of FY 2020-21
- Please amend sales invoices if you have made any errors in declaring outward supplies of FY 2020-21 OR
- Please declare sales invoices if you have missed to declare outward supplies of FY 2020-21.
Claim ITC on purchases of FY 2020-21
- Please claim ITC on eligible purchases if you have missed to declare in GSTR-3B of FY 2020-21.
ITC Reversals for FY 2020-21
- Please make ITC reversals, in case in eligible ITC has been claimed. &
- Please make ITC reversals, in case payment is not made to the vendor within 180 days.
Reconciliation between books & GST returns
- It is important to carry out reconciliation to identify the errors or omissions in the GST returns filed.
- For outward supplies- Reconcile Books vs GSTR 3B vs GSTR-1.
- For inward supplies – Reconcile Books vs GSTR 3B vs GSTR-2A.
- If Vendors have not declared our invoices in their GSTR-1, please push them to submit ASAP. Otherwise, we will lose ITC.
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