Businesses can adjust their tax liabilities by issuing credit notes to adjust output tax liabilities, claiming unclaimed ITC and correcting any errors or omissions in GSTR-1 and GSTR-3B.
After this date, businesses lose the chance to claim ITC on omitted invoices for FY24.
Omissions related to ITC for previous periods can be rectified in the October 2024 filings i.e., in GSTR-1 or GSTR-3B before November 30, 2024.
Here’s a concise summary of key actions businesses can take before the final GST deadline (November 30, 2024) to adjust their tax liabilities for FY 2023–24:
🧾 Issue Credit Notes
Adjust output tax liabilities by issuing credit notes for returned goods, post-sale discounts, or corrections.
Ensure they are reflected in GSTR-1 and GSTR-3B before the due date.
📥 Claim Unclaimed Input Tax Credit (ITC)
Review and claim any missed ITC for FY 2023–24.
Only invoices/debit notes from April 2023 to March 2024 are eligible, and must be reported by the October 2024 return (due by Nov 30, 2024).
🔁 Correct Errors/Omissions
Reconcile books with GST returns (GSTR-2B, GSTR-3B, GSTR-1).
Correct any mismatches, under-reporting, or omissions in:
GSTR-1 (sales details)
GSTR-3B (tax payment summary)
📊 Perform Year-End Reconciliation
Match books with:
GSTR-2B (auto-drafted ITC)
Vendor invoices
Annual turnover and tax liabilities
Use this to fix any discrepancies.
🛠️ Amendments to Past Returns
Use October 2024 return to amend invoices or figures filed earlier in FY 2023–24.
No changes allowed after the Nov 30, 2024 cutoff.
⚠️ After November 30, 2024:
No more ITC claims for FY24 missed invoices.
No more credit note adjustments for FY24.
Missed corrections may lead to tax loss or demand notices.
📝 Pro Tip: Document all changes/amendments and ensure vendors file accurate GSTR-1s so your ITC reflects in GSTR-2B.
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