Last Call for Businesses to Correct GST Compliances and Avail ITC for FY24
With less than three weeks remaining, businesses have a final chance to claim pending Input Tax Credit (ITC) and make necessary adjustments in Goods and Services Tax (GST) returns for FY 2023-24. November 30, 2024, marks the critical deadline for availing ITC related to FY24 invoices or settling any errors in monthly returns.
Key Points on Compliance Deadlines
GSTR-1 (Outward Supplies): File by November 13, 2024, or late fees apply.
GSTR-3B (Summary Return): Due by November 20, 2024 (late fees apply if filed later).
Annual Return (GSTR-9 / GSTR-9C): While the final filing date is December 31, November 30 remains the effective deadline for ITC and corrections.
Critical Corrections Before November 30
- ITC Claims on FY24 Invoices: Avail eligible ITC via GSTR-3B for October or annual return.
- Credit Notes for Adjustments: Issue credit notes to adjust output tax liability if needed.
- GSTR-1 Amendments: Revise GSTR-1 to correct any reported errors.
- Error Rectifications via Annual Return: If missed, annual returns offer the final option to correct ITC-related and other discrepancies.
New Compliance Changes to Note
A recent October 15 circular outlines changes, particularly regarding investigations into incorrect ITC claims. In cases where investigations are ongoing but no formal demand notice has been issued, businesses can avail ITC per orders by the proper officer. For cases with issued demand notices, the Adjudicating Authority will factor in legal updates during order issuance.
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