As the financial year 2023-24 draws to a close, it’s crucial to meet these upcoming GST deadlines to avoid penalties and ensure a smooth filing process. Here’s what you need to know to stay compliant:
🕒 Important Deadlines:
- November 30, 2024: The final date to make amendments to GST returns and claim any outstanding Input Tax Credit (ITC) for FY 2023-24. This is also the last chance to report credit notes related to previous year supplies.
- October 2024 GST Return: Your last opportunity to claim ITC for any invoices from FY 2023-24.
- Monthly Filers:
- GSTR-1: Due by November 11, 2024
- GSTR-3B: Due by November 20, 2024
- Debit Notes: No time limit for reporting debit notes, so ensure all relevant notes from FY 2023-24 are included, regardless of timing.
📌 Key Filing Actions:
- Data Reconciliation & Error Correction: Reconcile your GST data with your annual return records and make any necessary corrections to GSTR-1 and GSTR-3B by November 30, 2024.
- ITC Claims: To avoid issues in annual return filings (GSTR-9), ensure you’ve declared all eligible ITC by the November deadline.
- Reverse Charge Mechanism (RCM): Address any RCM errors and enter accurate opening balances where necessary.
- Bill-to-Bill Matching: Conduct bill-to-bill matching to align with supplier-filed invoices in GSTR-1 and correct any discrepancies.
- Reject Non-Eligible ITC: Ensure non-eligible ITC is either rejected or carried forward to the next month if not claimed.
✅ Suggested Actions:
- Prioritize Adjustments: Tackle any discrepancies from FY 2023-24 to ensure alignment with GST records.
- Check RCM Ledgers: Confirm all balances are accurately recorded.
- Make Necessary Declarations: Submit all adjustments, amendments, and ITC claims on time to avoid future complications.
Staying proactive with these deadlines will help avoid penalties and ensure compliance. Act now to make the most of this “last chance” to amend and claim ITC for FY 2023-24.