Outward Supplies
Rectification of error or omission in GSTR-1 for FY 2019-20:
Last date of filling GSTR-1 of September is 11TH October 2020 for any rectification error or omission in return pertaining to FY 2019-20 is allowed up till for the month of September 2020.
Issuance of Debit / Credit Note for FY 2019-20:
Issuance of credit note in relation to any invoice pertaining to FY 2019-20, is allowed till 30th Sep 2020 .
Issuance of debit Note in relation to any invoice pertaining to FY 2019-20, should be done on or before 30th Sep 2020 in order for recipient to avail ITC.
Exempt/ Non-GST/ Non-Taxable Supply Reconciliation:
Provisional P&L Account as on 31st March 2020 may be reviewed to ensure exempt/ non-GST/ non-taxable expenses such as interest expenses, electricity purchase, etc. are reported in GST Returns.
E-way bill reconciliation with outward supply:
Ensure that outward supply invoices and delivery challan issued match with the E-way Bill issued during FY 2019-20.
Self invoices / Payment Voucher:
Ensure self invoice/payment vouchers relating to FY 2019-20 are reported.
Input Tax Credit
Reversal of common credits:
ITC on common inputs/input services done mon monthly basis has to be finalized based on annual turnover. Last date of such finalization is 30th Sep 2020.
Rule 36(4) calculation:
Reconciliation with GSTR-2A was deferred from Feb 2020. Cumulative reconciliation of ITC taken during Feb-Sep 2020 to be undertaken while filing GSTR-3B of Sep 2020.
ITC pertaining to FY 19-20:
Any ITC pertaining to invoices of FY 19-20 can be claimed till 30th Sep 2020.
Others
RCM liability for FY 2019-20:
Pending liabilities under reverse charge for FY 2019-20 shall discharged before filling GSTR-3B of Sep 2020. Claiming of credit after said period would be disputable.
Tax on Royalty Payments:
Usually royalties paid to foreign parent company are finalized after finalization of books. However, since the royalty expense belongs to FY 2019-20, tax is discharged on RCM basis at the time of making provision for royalty in March 2020. Due care must be taken to pay interest/adjust excess tax paid on finalized royalty.
Preparation of E-invoice:
E-invoice is compulsory for taxpayer who having aggregate turnover in exceeding INR 500cr w.e.f. 1st Oct 2020.
Compliance for earlier regime:
Any compliance in relation to Central Excise, Customs, Custom Tariff, etc. falling due from 20th March 2020 to 29th Sep 2020 to be made till 30th Sep 2020.
TDS/ TCS Return:
TDS/ TCS details uploaded on GST Common Portal for FY 2019-20 may be accepted after due verification. Upon acceptance, TDS/ TCS deducted would be added to Electronic Cash Ledger balance.
GST Audit for FY 2018-19:
GST Audit for FY 2018-19 shall be completed on before 30th Sep 2020.
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