Trademark status and GSTR3B are two of the critical aspects that every business owner must understand. However, most people don’t understand how to check the trademark status and how to file GSTR3B. Check these out!
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Return for the period of September is the last Return for making all the amendments & adjustments for the previous year.
Suppose, for example for the year 2020-21, GSTR 3B and GSTR 1 is the last return for filling all the amendments of the transactions related to the period April 2020 to March 2021.The following actions have to be taken before filing GST Return for the month of September :Reconcile Sales Turnover reported in GSTR 1 with that of BooksReconcile Sales Turnover reported in GSTR 3B with that of BooksCheck whether all the credit notes issues has been declared in GSTR 1 or not and the effect of the same is taken in GSTR 3B.Reconcile if invoices raised to customers are reported in B2B (customers with GSTIN) or in B2C (Unregistered customer)Reconcile whether all the advances have been reported in GSTR 3B and GSTR 1Reconcile whether the GST paid on advances have been adjusted once the invoice is issued or notReconciliation of ITC from GSTR 2A/2B with Inward RegisterFollow up with the vendors whose ITC is not appearing in GSTR 2B / GSTR 2ACheck whether all the debit notes issued to you have been reflected in GSTR 2A/2B or not.Reverse all the ineligible ITCReconcile HSN Summary with that of Sales Turnover.No additional claim of missing ITC may be made available post-filing of September GSTR 3B return.
Please thoroughly follow the above checklist before you file any September GST returns.The information provided in the Taxzona Blog does not constitute any legal, tax or financial advice.
It does not take into account your particular circumstances, objectives, legal and financial situation or needs.
Before acting on any information in the Taxzona Blog you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing.
GST return form GSTR 3B is a monthly self-declaration, which a taxpayer is required to file on a monthly basis.
However, the taxpayer is not required to provide invoice level details while filing GSTR 3B.
This leaves scope for errors while computing output tax liability and Input Tax Credit (ITC).
Thereby affecting the tax payable and ITC claim.Until now, the taxpayer had no option for making changes or corrections in the GSTR-3B once the files have been submitted.
But now, understanding the inconvenience taxpayers face, the Government has now provided them with the option to reset GSTR 3b.Key PointsTaxpayers are provided with one-time correction in their GSTR dataResetting GSTR 3b is not possible once the form has been filed.When a taxpayer resets his GSTR 3B, the filings status of the form changes from “Submitted” to “Yet to be filed”.
The facility also deletes all the entries posted in the electronic liability registers and reverses the ITC integrated with the electronic credit ledger.How to reset GSTR 3b after Submission?