8 Points – GST compliances before the end of September 2022

Here are 8 points related to GST compliances that businesses need to ensure before the end of September 2022:

1. File GSTR-1 for FY 2020-21: The due date to file GSTR-1 for the financial year 2020-21 is 30th September 2022. Businesses need to ensure that they file their GSTR-1 returns by this due date.GSTR-1 is a monthly or quarterly return that businesses need to file to provide details of their outward supplies for a particular period. The due date to file GSTR-1 for the financial year 2020-21 is 30th September 2022. Businesses need to ensure that they file their GSTR-1 returns by this due date to avoid any late fees or penalties.

2. File GSTR-3B for August 2021 to September 2022: The due date to file GSTR-3B for August 2021 to September 2022 is the 20th of the following month. Businesses need to ensure that they file their GSTR-3B returns by the due date.GSTR-3B is a monthly return that businesses need to file to provide a summary of their outward and inward supplies for a particular period. The due date to file GSTR-3B for August 2021 to September 2022 is the 20th of the following month. Businesses need to ensure that they file their GSTR-3B returns by the due date to avoid any late fees or penalties.

3. Reconcile GSTR-2A with books of accounts: As per Section 16(2)(ba), businesses need to ensure that they reconcile their books of accounts with the GSTR-2A to claim Input Tax Credit (ITC). This should be done regularly to avoid any discrepancies.Section 16(2)(ba) of the GST Act requires businesses to reconcile their books of accounts with the GSTR-2A to claim Input Tax Credit (ITC). This should be done regularly to avoid any discrepancies. Businesses should ensure that the details of the invoices reflected in their books of accounts match those reflected in the GSTR-2A.

4. E-invoicing for businesses with turnover exceeding Rs. 50 crore: From 1st April 2021, businesses with a turnover exceeding Rs. 50 crore are required to generate e-invoices for all B2B transactions. Businesses need to ensure that they comply with this requirement.From 1st April 2021, businesses with a turnover exceeding Rs. 50 crore are required to generate e-invoices for all B2B transactions. E-invoicing involves generating invoices electronically in a standard format and uploading them to the GST portal for validation. Businesses need to ensure that they are generating and uploading e-invoices for all their B2B transactions to avoid any non-compliance.

5. Generate IRN for e-way bills: Businesses need to generate an Invoice Reference Number (IRN) while generating e-way bills for the movement of goods. This helps to track the movement of goods and avoid any discrepancies.

6. Report export details in GSTR-1: Businesses need to report export details in their GSTR-1 returns. This includes details such as export invoices, shipping bills, and export orders.

7. Claim TDS and TCS credits: Businesses need to claim the TDS and TCS credits in their GSTR-2A and GSTR-2B returns. This helps to avoid any discrepancies and ensures that the correct amount of tax credit is claimed.

8. Review and update GST registration details: Businesses need to review and update their GST registration details regularly. This includes details such as business name, address, and contact details. This helps to avoid any issues or delays in GST compliance.