An overview of Action Points for Filing GST Returns of October 2024




Loading

An overview of Action Points for Filing GST Returns of October 2024

Here is a short overview of the action pointsย for Filing GST Returns of October 2024 with regard to purchases and sales:

As far ๐๐ฎ๐ซ๐œ๐ก๐š๐ฌ๐ž๐ฌย are concerned, the following points may be taken care of:

1.ย  ๐ˆ๐“๐‚๐‘๐ž๐œ๐จ๐ง๐œ๐ข๐ฅ๐ข๐š๐ญ๐ข๐จ๐ง – ๐†๐’๐“๐‘-3๐ ๐ฏ๐ฌ. ๐†๐’๐“๐‘-2๐€/2๐
Reconcile ITC claimed in GSTR-3B with GSTR-2A/2B to find missing or duplicate credits.

2.ย ย ๐…๐ข๐ง๐š๐ฅย ๐‚๐š๐ฅ๐ฅย ๐ญ๐จย ๐‚๐ฅ๐š๐ข๐ฆย ๐๐ž๐ง๐๐ข๐ง๐ ย ๐ˆ๐“๐‚ย ๐Ÿ๐จ๐ซย ๐…๐˜ย 2023-24
Claim any pending ITC for FY 2023-24 by November 30, 2024. Follow up with vendors for missing invoices in GSTR-2B.

3.ย ย ๐ˆ๐“๐‚ย ๐จ๐งย ๐ˆ๐ฆ๐ฉ๐จ๐ซ๐ญ๐ฌย โ€“ย ๐ˆ๐ง๐๐ž๐ฉ๐ž๐ง๐๐ž๐ง๐ญย ๐จ๐Ÿย ๐†๐’๐“๐‘-2๐€/2๐
Confirm ITC on imports is claimed, even if not in GSTR-2A/2B, as Rule 36(4) allows it without a Bill of Entry appearing in these forms.

4.ย ย ๐•๐ž๐ง๐๐จ๐ซย ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐žย ๐Ÿ๐จ๐ซย ๐†๐’๐“๐‘-3๐ย ๐…๐ข๐ฅ๐ข๐ง๐ ย (๐‘๐ฎ๐ฅ๐žย 37๐€)
Check that vendors filed GSTR-3B for every month of FY 2023-24 by September 30. Any missing compliance requires ITC reversal byย ย November 30.

5.ย ย ๐‘๐ž๐ฏ๐ข๐ž๐ฐย ๐š๐ง๐ย ๐‘๐ž๐ฏ๐ž๐ซ๐ฌ๐žย ๐๐ฅ๐จ๐œ๐ค๐ž๐ย ๐‚๐ซ๐ž๐๐ข๐ญ๐ฌ
Identify ineligible or blocked credits for FY 2023-24 and promptly reverse to avoid future interest or penalties.

6.ย ย ๐‚๐จ๐ฅ๐ฅ๐ž๐œ๐ญย ๐’๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐ ย ๐ˆ๐ง๐ฏ๐จ๐ข๐œ๐ž๐ฌย ๐Ÿ๐จ๐ซย ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐žย ๐‚๐ฅ๐š๐ข๐ฆ๐ฌ
For ITC claimed based on GSTR-2A/2B, secure vendor invoices more specifically for the following:

–ย  Bank charges
–ย  Job work charges
– ย Airline tickets
–ย  Insurance premiums
–ย  Employee business travel expenses

7.ย ย ๐‘๐ž๐ฏ๐ž๐ซ๐ฌ๐žย ๐ˆ๐“๐‚ย ๐Ÿ๐จ๐ซย ๐”๐ง๐ฉ๐š๐ข๐ย ๐ˆ๐ง๐ฏ๐จ๐ข๐œ๐ž๐ฌย (180-๐ƒ๐š๐ฒย ๐‘๐ฎ๐ฅ๐ž)
Review invoices for which ITC was claimed in FY 2023-24 and reverse ITC if payment remains outstanding beyond 180 days.

8.ย ย ๐ˆ๐“๐‚ย ๐‘๐ž๐ฏ๐ž๐ซ๐ฌ๐š๐ฅย ๐‚๐š๐ฅ๐œ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌย (๐‘๐ฎ๐ฅ๐žย 42 & 43)
For exempt or real estate transactions, calculate ITC reversals per CGST Rules 42 & 43. Aavail excess reversal as ITC or reverse shortfalls with interest.

As far Sales isย concerned, the following points may be taken care of:

1.ย  ๐‘๐ž๐œ๐จ๐ง๐œ๐ข๐ฅ๐ข๐š๐ญ๐ข๐จ๐ง๐จ๐Ÿ ๐Ž๐ฎ๐ญ๐ฐ๐š๐ซ๐ ๐’๐ฎ๐ฉ๐ฉ๐ฅ๐ข๐ž๐ฌ ๐š๐ง๐ ๐“๐š๐ฑ๐ž๐ฌ
Align outward supplies and tax liabilities between books, GSTR-1, and GSTR-3B for FY 2023-24. File amendments in GSTR-1 wherever required.

2.ย ย ๐‘๐ž๐ฏ๐ข๐ž๐ฐย ๐‘๐‚๐Œย ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ
Verify transactions liable to GST under RCM, pay GST if not paid, and claim eligible ITC.

3.ย ย ๐ˆ๐ฌ๐ฌ๐ฎ๐š๐ง๐œ๐žย ๐จ๐Ÿย ๐‚๐ซ๐ž๐๐ข๐ญย ๐๐จ๐ญ๐ž๐ฌย ๐Ÿ๐จ๐ซย ๐‚๐š๐ง๐œ๐ž๐ฅ๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌย ๐š๐ง๐ย ๐‘๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ
Issue credit notes for canceled sales or returns to adjust GST liability and ensure accurate GST reporting.

4.ย ย ๐‚๐ซ๐จ๐ฌ๐ฌ-๐‚๐ก๐š๐ซ๐ ๐žย ๐๐ž๐ญ๐ฐ๐ž๐ž๐งย ๐๐ซ๐š๐ง๐œ๐ก๐ž๐ฌ
Issue inter-branch cross-charge invoices as per Circular 199/11/2023-GST dated 17.07.2023.




Menu