Arjuna (Fictional Character): Krishna, Is there any option to rectify the mistakes made in GST return in Sales invoices?
Krishna (Fictional Character): Arjuna, The process of finalization of Income tax return for 31st July is in process. There are so many issues occurring in that relating to GST and finalization of books of accounts. The option of GST revised return is not available yet. So once the GST return is filed, no any changes can be made in that. But if any small mistake occurred in return while uploading the sales invoice.
Arjuna: Krishna, What if the mistake is occurred in Tax invoice of sales wise details in GSTR 1?
Krishna: Arjuna, In GSTR 1, if the mistake is occurred in taxable amount, tax amount, tax rate, etc can be rectified. But if the mistake is occurred in GSTIN, party name, head of tax i.e, IGST, CGST and SGST then no rectification can be made. If mistake is occurred in taxable amount, tax amount, tax rate, then the rectification can be made in it through amendment to invoices in next month’s GSTR 1.
Ex. If ‘A’ has shown B2B (Business to Business transactions) sales to ‘B’ in GSTR 1 of April month amounting to Rs. 10000 but the actual sales is Rs. 20000, then it can be rectified by showing the Amendment to invoices in GSTR 1 of May month. The tax on remaining amount would be payable along with the interest.
Arjuna: Krishna, What to do if B2B invoice is wrongly shown in B2C (Business to consumer transactions) details?
Krishna: Arjuna, B2C mistakes can be rectified. If there is mistake in B2C, then it can be rectified as “Amendment to B2C” of the next month return. And B2B invoice must be shown in next month return by adding original date of the Tax invoice sales.
Ex. If wrongly in January month ‘A’ has shown B2B transactions of Rs. 50000 in B2C, then it can be rectified in February return by showing the “Amendment to B2C” with corrected amount. The same B2B transaction must be shown in the return of February month with original date.
Arjuna: Krishna, What if, the taxpayer forget to add the whole invoice in B2B details?
Krishna: Arjuna, If the taxpayer forgot to add the details of any B2B transaction in the return, then he can add Tax invoice wise details of the same transaction in next month’s GSTR 1.
Ex. If ‘A’ forgets to add a B2B Tax invoice of Rs. 25000 in GSTR 1 of June month, then he can add the Tax invoice wise details of the same in GSTR 1 of July month. If the tax on the same Tax invoice has not paid yet, then the tax on same along with interest must be paid.
Arjuna: Krishna, Can the whole B2B transaction be deleted from portal after uploading of return?
Krishna: Arjuna, Once the return is filed, the data can not be deleted. But the value of the same can be nullified by amending the same in the next month’s return.
Arjuna: Krishna, How to keep the record of such adjustments?
Krishna: Arjuna, If the taxability of sales Tax invoices is missed in any month, the taxpayer has to take the same in next month. But it is very much important to keep the record of the same. For this, reconciliation has to prepare. So that such adjustments can easily be traced at the time of Annual return.
Arjuna: Krishna, What lesson the taxpayer should take from this?
Krishna: Arjuna, Now the GST tax invoice of sales is as good as Cheque. We can not easily make the corrections in that. Therefore, utmost care must be taken at the time of preparation of it. GST returns must be filed with whole and corrected information. If any adjustment is made, it must be reconcile. So that it will be helpful at the time of Annual return.
CAclubindia
