GST Compliance Alert: Check and Rectify Past Claims Before November 2024

Mitali , Last updated: 11 November 2024  
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GST Returns which are to be filed in November month, those returns are very important as in this month you need to reconcile them thoroughly.

GST Compliance Alert: Check and Rectify Past Claims Before November 2024

Why the month November considered very important for GST Filling?

Section 16(4) of the CGST Act sets a deadline for claiming Input Tax Credit (ITC) on invoices or debit notes. A registered person must claim ITC by the earlier of:

  • The due date for filing the November return of the next financial year, or
  • The date of filing the annual return for that year. 
 

How to rectify the mistakes if made in the FY 2023-24?

  • First, you need to reconcile GSTR1, GSTR2B, GSTR3B etc. 
  • Check out the previous year's returns to locate any missed or incorrect outward supply made or ITC claimed.
  • To rectify those mistakes you make corrections in a current GSTR-3B return or in GSTR1 you can make adjustments in the current year's GSTR-3B return.
 

Note - You can only make this adjustment only in Oct 24 returns which is to be filed on or before Nov 2024.

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Published by

Mitali
(Finance Professional)
Category GST   Report

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