krishna (Business man) 29 September 2020
I am a small business man and doing contract works for municipal authorities only. I am receiving contracts once a year. I am registered as a regular dealer in GST and filing all gst returns my self. Now i am going to file the annual return for the year 2018-19. I have small doubts while filing of this annual return. Request you to please suggest me.
Point-I: In may-2018 i have purchased materials from local supplier. He filed the GSTR-3B of may-2018 and make the payment. But forgot to file the GSTR-1 return. Later he realized and filed the GSTR-1 of May-2018 in Jan-2020. I have claimed the input tax credit on material purchased after one year that is in May-2019 return.
Point-II: This ITC is showing in GSTR-2A of May-2018 but not reflecting in GSTR-9. What to do ?
Point-IIl: I have received payment from the department in May- 2019 and adjusted the input tax credit on materials purchased and make the balance tax payment. is it correct way to adjustment of ITC?
Point-III: Still My Turnover is below 20 Lakhs. The Government has given an option for filing of annual return for small tax payers . Can i use this optional for filing of annual return? if I utilize that optional will i loose that input tax credit on materials procured.?