What GST has in Store for you this December

In this article we discuss about compliance requirements and important updates that every business men needs to be aware of. First up: return filing.

The month of December is going to be a hectic one with as many as 8 GST Returns due before the 31st. Here's a handy calendar that will help you prepare your clients' data in advance for the D-day

Important tips while filing GST Returns

Accurate and error-free return filing is an important part of being compliant. Here is some tips to help you while you sort through the tons of data. Add these to your GST checklist to ensure a hassle-free experience:

1. Review late fee credit
Review late fee paid by your client is properly credited back. Late fee was waived off for the months of July, August and September. Late fee should appear under 'Tax' in your clients' Electronic Credit Ledger.

2. Filing of GSTR-2 and matching of Input Credit
Since GSTR-2 and GSTR-3 are on hold for now, most businesses would be claiming ITC on provisional basis when filing GSTR-3B. If ultimately this credit is not matched or tax has not been properly deposited by the supplier, the business will run the risk of losing credit as well as paying penalty on the ITC claimed by it.

Therefore, we recommend you continue to match and reconcile input tax claimed to avoid surprises at the time of filing Annual GST Return.