March 21, 2023

Activities to be undertaken w.r.t GST Compliances for FY 2021-22 in September 2022

Here are some of the key activities that businesses may need to undertake with respect to GST compliance for FY 2021-22 in September 2022:

1. GSTR-1 Filing: If you have not filed your GSTR-1 for the month of August 2022, you must file it on or before the 11th of September 2022.

2. GSTR-3B Filing: You need to file your GSTR-3B return for the month of August 2022 on or before the 20th of September 2022.

3. GSTR-5 Filing: If you are a Non-Resident Taxpayer, you need to file your GSTR-5 return for the month of August 2022 on or before the 20th of September 2022.

4. GSTR-6 Filing: If you are an Input Service Distributor, you need to file your GSTR-6 return for the month of August 2022 on or before the 13th of September 2022.

5. E-Invoicing: If your aggregate turnover exceeds Rs. 50 crore, you must ensure that you generate and report your e-invoices to the GSTN portal in a timely manner.

6. Annual Return and Reconciliation Statement: You must prepare and file your annual return in Form GSTR-9 and the reconciliation statement in Form GSTR-9C for the FY 2021-22 by the due date of 31st December 2022.

7. Input Tax Credit Reconciliation: Reconcile your Input Tax Credit as per books with the ITC as per Form GSTR-2A/2B.

It is important to note that the compliance requirements may vary depending on the nature and scale of your business, so it is advisable to seek professional help to ensure timely and accurate compliance with GST regulations.

Some activities that may need to be undertaken with respect to GST compliance for FY 2021-22 in September 2022 could include:

1. Filing of GSTR-3B for the month of August 2022

2. Filing of GSTR-1 for the quarter ending September 2022, if applicable

3. Reconciliation of GSTR-2B with purchase records for the months of April 2022 to August 2022

4. Verification of input tax credit availed and reversal of any ineligible credit

5. Review of tax liability and payment of any outstanding taxes

6. Ensuring compliance with e-invoicing requirements, if applicable

7. Preparation of documents and records for GST audit, if required

8. Review of GST compliance processes and procedures to identify and address any gaps or issues

It is recommended that businesses seek the guidance of a qualified tax professional to ensure proper compliance with all applicable GST regulations.

Availment of correct Input Tax Credit ("ITC") for the FY 2021-22

In September 2022, businesses should undertake a reconciliation of their Input Tax Credit (ITC) availed in the books of accounts with the ITC reflected in their GSTR-2A form. They should ensure that they have availed the correct ITC amount that is eligible for claim as per the GST laws. Any discrepancies or short availed ITC must be rectified within the due dates of filing the relevant GST returns. It is important to reconcile ITC on a monthly basis to avoid any accumulated errors or discrepancies.

Reporting of correct outward supplies for the FY 2021-22

To report correct outward supplies for the FY 2021-22, you need to:

1. Maintain accurate records of all outward supplies made during the financial year.

2. Classify the supplies based on their nature, such as goods or services, and whether they


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