Last Chance for GST Adjustments for FY 2021-22

CA Shubhi Khandelwal , Last updated: 03 November 2022  

GSTR-1 and GSTR-3B return to be filed in the month of November is very vital as the taxpayers have the last opportunity to rectify their errors which were not considered at the time of filing the returns in the previous year for FY 2021-22.

The government has notified an amendment to the Central Goods and Services Tax Act vide Notification No. 18/2022-Central Tax dated 28.09.2022 where they have appointed 01/10/2022 as the date on which provisions of sections 100 to 114, except clause (c) of section 110 and section 111, of the Finance Act, 2022 shall come into force, wherein the discussion is being limited to the extension of time limit for compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or furnishing of the relevant annual return, whichever is earlier being the statutory limit of rectifying the errors.

After, the amendment the uncertainty arise as to whether these changes would be applicable for FY 2022-23 onwards or whether the same are also applicable for FY 2021-22.

Last Chance for GST Adjustments for FY 2021-22

The same was clarified vide a press release wherein it is explained that the extended timelines are applicable to the compliances from FY 2021-22 onwards. It is also clarified that such compliances need to be carried out in the returns furnished upto 30th November and not for the return to be filed for November, i.e. in December.

In simpler terms, GSTR-1 and GSTR-3B for the month of October is the due date for any GST Adjustments for FY 2021-22 subject to returns are furnished by 30th November.

Various Compliances that need to be taken into account is being discussed herewith

1. Rectification of Errors in furnishing outward supplies

Any errors or omission in respect of invoices, debit notes, credit notes and revised invoices issued or to be issued in respect of outward supplies can be rectified if done within the time limit.


2. Availment of Input Tax Credit

Section 16(4) of The Central Goods and Services Tax Act, 2017 provides that the 30th day of November following the end of financial year or furnishing of the relevant annual return, whichever is earlier, shall be the time limit within which Input Tax Credit in respect of any invoice or debit note relating to the financial year should be claimed. With the introduction of GSTR-2B, the taxpayers are restricted to avail ITC to the extent reflecting in such return. Due to this restriction, there may be instances where the taxpayer has not availed ITC as they are not reflecting in GSTR-2B. Therefore, the taxpayer shall perform a yearly review of Input Tax Credit recorded in their books of accounts along with data in GSTR-2B to assess their ITC not availed for FY 2021-22.


3. Reversal of ITC

Any ITC which has been claimed in excess of actual, is also required to be reversed back by the 30th November.

It is therefore advisable for the taxpayers to take all precautionary measures before filing of the return for the month of October, i.e. within the thirtieth day of November as it is the last date up to which the registered person may make the desired tax adjustments with respect to Input Tax Credit or Output Tax Liability.

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Published by

CA Shubhi Khandelwal
(Chartered Accountant)
Category GST   Report

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