GST Caution before March Ends:
Points regarding Outward Supply:
- Sales and other Income: Compare your Books of accounts Sales & ensure that other Income which is reflected in 26AS (like commission, Rent etc) is also reported in GSTR-3B in the column of outward supply.
- Interest Income: Interest on advances should also be reported in the relevant column of GSTR-3B.
- Reconciliation of Debtors & Creditors: All the debtors & creditors should be reconciled and if there is any difference then issued the Credit and debit note accordingly. Last date to issue the credit and debit notes of F.Y. 2019-2020 is 30th September 2020.
Points regarding Inward Supply:
- Match your ITC:
Check your claimed ITC with GSTR-2A and if there is any difference then follow up with your vendor for avoiding notices from department in future.
- Ineligible ITC:
One should ensure that ineligible ITC which is specified in section 17(5) of CGST Act, should not availed. And it should be added back in the cost of expenses. If it is wrongly availed then it should be reversed in GSTR-3B of March -2020.
3. Proportionate Reversal of ITC:
If anyone supplying taxable and nontaxable/ exempt supply of goods then ITC should be availed proportionately and comply the provision of section 42 reverse the ITC accordingly.
- Ensure to Display your GST No. on your Name Board along with your GST Registration certificate failure to this provision will attract Penalty of Rs. 25000/- respectively
- In the Digitization Era especially in GST, ensure to update your Latest Business Address, Email Id’s, Contact No. on the GST portal, so that you can easily response to the notices received from the department.
- For ease of compliance, one should make the Two authorize signatory on GST portal, because for doing any compliances in GST “One Time Password” is very important.
- Change your bill series/Numbering for F.Y. 2020-2021