1. GSTR 1 RELATED ‘AMENDMENTS’ FOR OF 17-18 AND 18-19
♣ If you have made export with payment of Taxes and IGST refund has not been received then You might need to amend your export details in TABLE 9A
♣ If counter party is not able to find our sales invoice in his GSTR 2A , then there might be chances that If you have filed GSTR 1 wherein you have shown sales in B2CS but it was actually B2B sales. , In such case amendment of B2CS is required and also you have to upload the bill in B2B afresh.
♣ If mistakenly Nil or wrong or incomplete GSTR 1 is uploaded where invoices pertaining to some months not uploaded or uploaded to wrong GSTIN of buyer or you have uploaded on some of sheets of GSTR 1 , Then Amendments are required.
(NOTE – FOR 17-18 MONTHLY / QUATERLY GSTR 1 AMENDMENTS, MARCH GSTR 1 DUE DATE WILL BE LAST DATE to amend.)
2. GSTR 3B RELATED ADJUSTMENTS IN MARCH GSTR 3B RELATED TO ANY PREVIOUS MONTHS
If mistakenly nil or wrong or incomplete GSTR 3B is uploaded for any previous months, then you can adjust +/- differences in March GSTR 3B , so that , Your GSTR 3b can match with books of accounts in Annual summary . For that please check all your GSTR 3b of 18-19 from APRIL -18 TO FEB -19 with uploaded GSTR 3B on portal. .
3. CHECKING GSTR 2A FOR “PENDING ITC” OF 17-18….. LAST CHANCE
you have last chance of taking any Input Tax credit of 17-18 if not taken in any previous GSTR 3B of 17-18 or 18-19. Do check your GSTR2A of 17-18 & 18-19, if any input tax credit which is reflected in GSTR2A and you have not claimed credit in any previous GSTR3B then this is the last chance to avail benefit of pending ITC.
(NOTE- Pending ITC of 18-19 can be claimed upto Sept -19 GSTR 3B. But it is advisable to take in March -19 GSTR 3B. For that, YOU SHOULD CHECK GSTR 2A of 18-19. )
4. CHECKING GSTR 2A – IF YOUR SUPPLIER HAS NOT FILED THEIR GSTR 1 FOR FY 17-18 …LAST CHANCE TO FOLLOW UP.
Purchases from such supplier will not be reflected in our GSTR-2A….in that case where you can’t find your purchases bill in GSTR 2A, your supplier has not filed GSTR 1 and so Purchases from such supplier will not be reflected in our GSTR-2A – In this case, your ITC will be in Danger. You should call to such parties and tell them to file GSTR 1 & GSTR 3B as soon as possible). This will be last chance to them to upload in his GSTR 1 upto March’19 GSTR 1. If he has mistakenly filed Nil or wrong or incomplete GSTR 1 or GSTR 1 is uploaded where invoices pertaining to some months not uploaded or uploaded to wrong GSTIN of buyer, Then for FY 17-18 , March GSTR 1 due date , will be last chance to update this.
Any ITC which was related to the year 2018-19 and which could not be taken due to non-receipt of Invoices or non-receipt of material, then such credit should be taken before the month of September-2019. After that period such credit could not be taken in anyway.
5. Reconciliation to Sale declared under GSTR1 and GSTR-3B
A complete reconciliation to Sale declared under GSTR1 and GSTR-3B vis-à-vis books of accounts is to be made. If there is any difference between GSTR-1 and GSTR-3B, then the either of the 2 should be rectified in the current period. Differences in relation to previous periods could be adjusted by amending GSTR-1 during filing for current period (month)
6. Reversal of Creditsin case of EXEMPTED GOODS / PERSONAL USE: –
If there are any exempted supplies, then the credits are to be reversed as advised under Rule 42 and 43. In case of Non business use also the credits are to be reversed .
7. Reversal of Credit where Payment is not made within 180 Days:-
All the payments to vendors are to be made within 180 days of his Invoice. If payment is not made to the vendor within 180 of his Invoice then the credit in relation to that Invoice needs to be reversed alongwith an interest @ 24% p.a. from the date of taking such credit till the date of final reversal. It is worth to note here that as soon as the payment is made against such Invoice, such reversed credit can be taken again.
8. RCM Payment is to be made:-
Reverse Charge Mechanism for transporters,Securities charges, Advocates payments.
9. Reversal of Creditin case of BLOCKED CREDIT
checking Input Tax Credit in relation to denied supplies:- Items as per attached list are denied for the purpose of taking credit. Such credits should not be taken. If any of such credits have been taken, then they should be removed from the books of accounts and GSTR-3B.
10. Pending Credit/Debit notes:-
Any pending debit/credit notes should also be finalised before finalisation of books of accounts and should be declared in the return before the month of September, 2019 for 18-19 . & For 17-18 , Credit note / Debit note CAN BE ISSUED by suppliers TILL 31-03-2019.
11 . COMPLIANCE TO COMPLETE IF PENDING-
11.1. FILE GSTR 1 UPT O FEB -19 (FOR MONTHLY) AND DEC – 18 (FOR QUATERLY) if pending. FILE GSTR 3B UPTO FEB-19 if pending. (For composition dealers – GSTR 4 upto dec-18 should be filed) That’s the most important tasks to avoid late fees & you will be out of danger of suo moto cancellation of registration by department.
11.2. TDS return to file for TDS deductors upto from Oct – 18 to Feb-19 before 31-03-2019 so that Counter party can receive TDS credit before filling their last GSTR 3B OF 18-19 .
11.3. TDS credit acceptance for period Oct 18-Feb 19… IF any TDS is being deducted under GST, accept the TDS credit on the GST portal*. (Month to month basis). By doing so, the amount will credited in cash ledger.
11.4. LUT APPLICATION FOR NEXT FINANCIAL YEAR 2019-20. For all the exporters, who continue to export under LUT without payment of taxes.
11.5. APPLICATION TO COMPOSITON SCHEME FROM NORMAL. If registered Tax payer wants to convert to Composition scheme (Limit is Rs. 1.5 Crore now) from FY 19-20
11.6. ITC- 04 FROM JUL 17 TO DEC 18. Please file ITC 04 FOR FORM ITC-04 must be submitted by the principal every quarter for the details of (1) Goods sent to job worker And (2) Goods received back from the job worker. He must include the details of challans in respect of the above. Please file ITC 04 for quarters 1. Jul 17 to sept 17. 2. Oct 17 to dec 17. 3. JAN 18 TO MARCH 18. 4. APRIL 18 TO JUNE 18. 5. JUL 18 TO SEPT 18. 6. OCT 18 TO DEC 18.