Importance of September 2018 GST Returns.

Dear Taxpayers,

GST Returns for the month of September 2018 are most important as it will be the final month for us to claim credit for inward supplies received in FY 2017-18 as well as to rectify errors occurred if any, in the tax returns filed earlier for the year.

Since implementation of GST on 1 July 2017 to till date, the taxpayers are still trying to get familiar with the new return filing system and thus it can be assumed that there may have been a lot many instances of errors both technical as well as manual, including incorrect or over/under reporting of input tax credit claims. There may are also have been instances of omissions in reporting of transactions. All these can be corrected in the September month’s tax returns.

According to GST rules, if any eligible ITC has not been claimed, or if any ITC has been wrongfully claimed, if any transaction has not been reported or if any debit/credit note has been issued but has not been reported in earlier returns of FY 2017-18, the same has to be rectified/reported not later than September 2018 returns.

Also, according to the rules, no rectifications with regards to the details furnished in earlier GST returns filed earlier for FY 2017-18 will be allowed later than the GST returns filed for September 2018 or furnishing of the relevant annual return, whichever is earlier.

Thus dear taxpayers you are advised to use advanced reconciliation procedures so as to avoid probable notices.

Regards,

Kunal Kukreja

Chartered Accountant

Disclaimer:

The views expressed on this blog are strictly personal and for knowledge purpose only. The contents of this blog are solely for informational purpose and it does not constitute any professional advice or recommendation. The laws related to GST and other taxes are under evolution and subject to constant changes and amendments over time. It is suggested to take specific legal advice and necessary due diligence before relying on the contents and information of this Blog. The authors of this blog, does not accept any liabilities for any loss or damage of any kind arising out of information on this blog and for any actions taken in reliance thereon.