Compliance during September, 2020 under GST

There are several compliances which have to be attended during the month of September 2020 with respect to the transactions done in the year 2019-20 under GST. The details of such compliances are given below:

1.Correction in the GSTR3B and GSTR1: Any correction/rectification in the returns filed in the year 2019-20 shall be made till the return for the month of September 2020 is furnished.

2. Availment of Input Tax Credit: Any ITC pertaining to invoices or invoices relating to debit notes of FY 2019-20 can be claimed till the date of furnishing return for September 2020.

Further, compliances for restriction in ITC with respect to un-reported invoices as per Rule 36(4) of the CGST Rules shall be made cumulatively for the period of February 2020 to August 2020 in the month of September 2020. Further, Unavailed credit in the year 2019-20 due to invoices not appearing in GSTR2A may also be reviewed again, and any eligible credit can be claimed till the date of furnishing return for September 2020.

3. Issuance of Credit Notes: Any credit notes in relation to invoices pertaining to FY 2019-20 can be issued till September 30, 2020.

4. ITC adjustments in respect of computation of ITC reversal under Rule 42 and Rule 43: As per Rules 42 and 43 of CGST Rules, ITC attributable to exempted supplies which have been reversed on a monthly basis during FY 2019-20 shall be finalized before the due date of furnishing return for September 2020. For any excess reversal, if found, ITC can be reclaimed in GSTR-3B, and for short reversal, ITC can be reversed along with 18% interest p.a. from April 01, 2020.

5. Payment of Reverse charge liability for the year 2019-20: Any missed out liability of reverse charge for the year 2019-20 shall also be paid and availed as ITC before filing GSTR-3B for the month of September 2020.

 

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