Key actions - businesses can take to adjust their tax liabilities before the final deadline

Mitali (Finance Professional) (14768 Points)

12 November 2024  

Businesses can adjust their tax liabilities by issuing credit notes to adjust output tax liabilities, claiming unclaimed ITC and correcting any errors or omissions in GSTR-1 and GSTR-3B.

After this date, businesses lose the chance to claim ITC on omitted invoices for FY24.

Omissions related to ITC for previous periods can be rectified in the October 2024 filings i.e., in GSTR-1 or GSTR-3B before November 30, 2024.