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GST Update: September, 2021

List of important activities to be completed before 30 September 2021

September marks an important month from Goods and Services Tax (‘GST’) perspective as some of the important activities / compliances are required to be completed on or before 30 September. We have provided below a list of key activities required to be undertaken by a taxpayer registered under GST.

We have provided below a gist of key activities required to be undertaken by a person registered under GST.

  1. GSTR-2A reconciliation and claiming Input Tax Credit (‘ITC’) pertaining to FY 2020-21
    • As per Section 16(4) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’), ITC for FY 2020-21 can be claimed before filing of Form GSTR-3B for September 2021 (i.e. till October 20, 2021) or Annual Return (December 31, 2021), whichever is earlier.
    • Thus, in order to avail full eligible ITC for FY 2020-21, it is imperative that all the taxpayers complete their GSTR-2A reconciliation for FY 2020-21. In case of any discrepancy, appropriate action should be taken.
    • It is important to co-ordinate with vendors to ensure that all invoices as well as debit notes pertaining to invoices issued in FY 2020-21 are received/ accounted and ITC of the same is availed within the prescribed timelines.
    • As an immediate action step with respect to the return being filed for the month of September, available credit pertaining to FY 2020-21 invoices as well as debit notes should be availed.
  2. Rectification of omission or incorrect particulars in GSTR-1 for FY 2020-21
    • A taxpayer who discovers any omission or incorrect details in Form GSTR-1 return can rectify such omission or incorrect particulars in return to be furnished for the month or quarter during which such omission or incorrect particulars are noticed.
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