01 April 2021
good morning all., My best wishes to all tax professional's for the new financial year. i have one doubt in annual return. while filing GSTR-9 for FY 18-19, we shown the refund details (refund claimed,refund sanctioned and refund pending) which relevant to FY 19-20. just now we looked the mistake while we filed GSTR-9 for FY 19-20. so now what would be impact due to this mistake?. anyone clarify me sir
10 July 2024
Good morning! Happy new financial year to you as well!
Regarding your query about filing GSTR-9 for FY 18-19 where you included refund details relevant to FY 19-20, here's what you should consider:
1. **Impact of the Mistake**: Including refund details of FY 19-20 in the GSTR-9 for FY 18-19 is not correct because GSTR-9 is meant to reconcile the data for the specific financial year it pertains to. The details should accurately reflect the transactions and refund statuses of FY 18-19 only.
2. **Rectification Required**: Since you have already filed GSTR-9 for FY 18-19 with incorrect refund details, it's important to rectify this error. Incorrect reporting may lead to discrepancies in your GST records and could potentially attract scrutiny from tax authorities during audits or assessments.
3. **Action Needed**: - **Rectification**: You should rectify this mistake by filing a revision of GSTR-9 for FY 18-19 (if applicable under GST law). However, GST law generally does not provide for revision of GSTR-9 once filed. - **Disclosure**: In the subsequent filings or audits, you should disclose the error and explain the correct status of refunds for FY 19-20 in the appropriate returns.
4. **Consultation**: It's advisable to consult with a GST professional or tax advisor to understand the specific steps to rectify the error and to ensure compliance with GST laws. They can guide you on any specific procedures or notifications that need to be followed in such cases.
5. **Future Compliance**: Going forward, ensure that annual returns (GSTR-9) are filed accurately and within the prescribed timelines. Any discrepancies should be promptly rectified to avoid potential penalties or legal issues.
In summary, while the mistake in GSTR-9 for FY 18-19 is unfortunate, it's crucial to take corrective action to maintain compliance and accuracy in GST filings. Seek professional guidance to navigate the rectification process effectively.
CAclubindia
