Last opportunity to rectify mistakes in GSTR 1!

Arjuna (Fictional Character): Krishna, Recently the government has made some changes in GST return, so please enlighten us in this regard.

Krishna (Fictional Character): Yes Arjuna, recently the government is focusing on ease and simplicity of returns, because of which the government has initiated certain steps to provide for rectification of tax invoices entered in GSTR 1 of the previous financial year.

Arjuna: Krishna is there any change in B2B of GSTR 1?

Krishna: Arjuna, There is no change in B2B of GSTR 1, as earlier also the taxpayers were allowed to upload the billwise details of tax invoices relating to previous financial year and now also they can upload the same.

Arjuna: Krishna, Is there any change in (amendment to B2B) invoices in GSTR 1?

Krishna: Arjuna, there are certain changes in this section , earlier amendments in tax invoices entered in previous period (2017-18) was not possible but now the portal is allowing the same to be done.

Arjuna: Krishna, What are the changes in B2C?

Krishna: Arjuna, there are changes in amendment toB2C ,earlier under B2C amendments , rectifications relating to previous financial year were not possible whereas now such rectifications are possible using amendment to B2C. Though there are is change in B2C.

Arjuna: Krishna, Are there any changes in credit notes?

Krishna: Arjuna, Credit notes which pertaining to previous financial year which were omitted to be entered could be entered in GSTR 1 of any month. But amendments to credit notes relating to previous financial year was not possible . Now the facility to amend the same has been provided.

Arjuna: Krishna, What will happen if any input tax credit pertaining to Financial year 2017-18 has not been claimed (omitted)?

Krishna: Arjuna, If any such ITC of Financial year 2017-18  that remains to be claimed, can be claimed upto the due date to file  the return for the month of march 2019.

Arjun: Krishna, What lesson should the taxpayers learn from this?

Krishna: Arjuna, the government has provided an opportunity to the taxpayers to rectify their mistakes and hence the taxpayers should encash this opportunity by amending the invoices wrongly entered. In the upcoming budget on 1st February 2019 more such changes are expected. So let’s wait.