GST, or Goods and Services Tax, is a comprehensive indirect tax that has been implemented in India since 2017. It is a tax that is levied on the supply of goods and services, and the GST regime has replaced many other indirect taxes such as VAT, Service Tax, Central Excise Duty, etc. Under the GST regime, businesses are required to file regular returns with the GST authorities.
However, there may be instances where businesses may need to rectify or amend their GST returns. The GST law provides for the rectification/amendment of GST returns filed by taxpayers. This article will provide a detailed guide on how to rectify and amend GST returns, specifically GSTR 3B and GSTR 1.
GSTR 3B is a monthly return that is required to be filed by every registered person under the GST regime. It is a summary return that captures the details of inward and outward supplies, input tax credit (ITC) claimed and payable tax liability of the taxpayer. GSTR 3B is to be filed by the 20th of every month.
GSTR 1 is a monthly or quarterly return that is required to be filed by every registered person under the GST regime. It is a detailed return that captures the details of outward supplies made by the taxpayer. GSTR 1 is to be filed by the 10th of every month for taxpayers having an annual turnover of up to Rs. 1.5 crore and by the 11th of every month for taxpayers having an annual turnover of more than Rs. 1.5 crore.
A GST return can be rectified/amended in the following circumstances:
1. Errors or omissions in the original return
2. Discrepancies in the original return
3. Increase in taxable value or tax liability
4. Decrease in ITC claimed in the original return
The process of rectification/amendment of GSTR 3B is as follows:
1. Login to the GST portal with your credentials
2. Select the 'Return Dashboard' tab and click on 'Prepare Online'
3. Click on 'Amendment of Return' and select the financial year and the month of the return to be amended
4. Make the necessary changes in the return and click on 'Save' to save the changes
5. Once the changes are saved, click on 'Preview' to view the amended return
6. If there are no errors, click on 'Submit' to submit the amended return
The process of rectification/amendment of GSTR 1 is as follows:
1. Login to the GST portal with your credentials
2. Select the 'Return Dashboard' tab and click on 'Prepare Online'
3. Click on 'Amendment of Return' and select the financial year and the month of the return to be amended
4. Make the necessary changes in the return and click on 'Save' to save the changes
5. Once the changes are saved, click on 'Preview' to view the amended return
6. If there are no errors, click on 'Submit' to submit the amended return
Rectification/amendment of GST returns is an important process that every taxpayer should be aware of in case of errors or discrepancies in the original return. The process of rectification/amendment of GSTR 3B and GSTR 1 is simple and can be done easily on the GST portal.
It is important to note that any rectification/amendment of GST returns should be done within the prescribed time limit to avoid any penalties or interest.
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