The GST Adjustments for FY 2021-22
The GSTR-1 return and the GSTR-3B return for October 2022 due in November is crucial.
The GST department has provided you with the opportunity to make amends to any mistakes you may have to take into consideration when filing your tax returns in FY 2021-22. (for the time period from April 1 April 2021 until 31 March 2022).
The GST office announced Notification. 18/2022 – Dated 28.09.2022 in which the time limit to correct errors in the fiscal year 2021-22 been extended until November 30th, 2022 or when you submit with your GST annual return, which ever occurs first. is the maximum time allowed for correction of mistakes.
It’s also stated that any adjustment that is related to FY 2021-22 has to be made within your October 2022 GST returns that are filed up to November 2022. This is not the tax return that is due for the month of November 2022 until December 2022.
To simplify things, your GSTR-1 as well as GSTR-3B for October 2022 are deadline to correct any GST-related errors for FY 2021-22. This is subject to returns being submitted by 30 November 2022.
Here are some things you can accomplish:
- Correction of errors in invoices sent to your customers. Any mistakes or omissions made in the form of invoices or credits notes and debits or updated invoices that are issued or due to be issued as a result of outward supply can be corrected if they are done within the specified time.
- Utilization Of Input Tax Credit (ITC) you are able to conduct a yearly review of your purchases. Input Tax Credit is recorded in the books of accounts, along with GSTR-2B information to conclude the ITC not used during FY 2021-22.
- The reverse of ITC All ITC that was more than what was actually required will also have to be reversed before 30 November 2022.
Therefore, it is recommended to take all necessary steps prior to filing your tax return for the month of Oct. 2022.
For assistance, contact Team IN regarding any GST related issue or for support with filings by emailing team@teamindia.co.in
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