September Last Month To Rectify GST Return Errors, Claim Credit For FY 18

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    Taxpayers under the new indirect tax regime need to gear up as September is precisely the last month to claim credit in respect of invoices issued in 2017-18 and also to fix errors in their GST return forms for the year.

    September Last Month To Rectify GST Return Errors, Claim Credit For FY 18

    After the implementation of GST on July 1, 2017, taxpayers are still in the process of getting used to the new filing system and some of the common errors such as inflated or wrong credit claims, under-reporting of credit claims and in some of the cases omissions at the time of reporting transactions can be fixed in the tax return form for September month.

    At present, taxpayers are required to file GSTR form 3B with details of total purchases and sales in addition to GSTR form 1 that includes outward supplies.

    As per current GST rules, if the taxpayer has forgotten to claim input tax credit against an invoice issued in the FY 2017-18, he or she can still avail it and the deadline for it coincides with the due date for September GST returns. Also, in a case when reporting of any of the debit or credit note issued in FY 2018 has been missed in the earlier monthly GST returns, taxpayer can do the same only in the tax return form for September.

    So, the September GST returns are crucial and taxpayers should ensure that input tax credit is correct.

    Goodreturns.in

    Read more about: gst
    Story first published: Monday, September 10, 2018, 15:30 [IST]
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