Important Reminders for October 2024 GST Return Filing

It is Last chance for giving effect of GST Adjustment for FY 2023-24 in October 2024 GST Return. As the deadline for filing October 2024’s GST return (i.e. 20th November’24) approaches, here are a few critical points to consider for ensuring compliance:

1.Reconciliation of Outward Supplies :

Ensure your books match the outward supplies declared in GSTR-1 and GSTR-3B for FY 2023-24. Any discrepancies? Adjust by adding missing invoices or correcting over-reported values in October’s return.

2.ITC Reversal under Rule 42 & 43 :

If you made both taxable and exempt supplies or used inputs for business and non-business purposes, recalculate ITC reversal for FY 2023-24. Any short/excess reversal must be corrected by October 2024.

3.Credit Notes Issuance :

Credit notes for overcharged tax or excess value on FY 2023-24 invoices must be issued by October 2024 GSTR-3B filing.

4.Reconciliation with GSTR-2B :

Rule 36(4) mandates reconciling ITC claims with GSTR-2B. Make sure ITC claims match supplier-reported details. ITC for FY 2023-24 invoices must be claimed by November 30, with October being your last chance for adjustments.

5.Invoice Classification Amendments :

If any B2B invoices were mistakenly classified as B2C (or vice versa), October 2024’s return is your final chance to correct them for FY 2023-24.

Stay compliant and ensure accuracy! ✅