September 2018 GST Return – Think before you file!!

Writer: CS Payal Kataria

Beat the clock……..September is deadline for some crucial matters to be reported like making rectification in errors and omissions, claiming input Tax credit, issuing Debit/credit notes etc. For detailed understanding of these matters don’t forget to read section 16, 34 and 38 before filing September GST Return. Below are the extracts of these three important issues:

Take ITC otherwise it will lapse
Section 16(4) of CGST Act 2017 clearly states that a registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.

Issue Debit/credit note if pending otherwise benefit of ITC has to be sacrificed
Section 34(2) of CGST Act 2017 clearly states that any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed

Rectify Error or omission pertaining to financial year 2017-18 otherwise loose golden chance
Section 38(5) of CGST Act 2017 clearly states that Any registered person, who has furnished the details under sub-section (2) for any tax period and which have remained unmatched under section 42 or section 43, shall, upon discovery of any error or omission therein, rectify such error or omission in the tax period during which such error or omission is noticed in such manner as may be prescribed, and shall pay the tax and interest, if any, in case there is a short payment of tax on account of such error or omission, in the return to be furnished for such tax period:

Provided that no rectification of error or omission in respect of the details furnished under sub-section (2) shall be allowed after furnishing of the return under section 39 for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.

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