A very significant month has arrived for all taxpayers under GST updates namely September because it will be the last month for taxpayers to claim any pending credit for invoices issued between the 2017-18 period and to correct errors in the return form of the year.
Many taxpayers have made some mistakes in filing tax returns including negligence of transactions in certain places while errors in credit claims are increased or incorrect even under credit claim reporting.
In accordance with GST rules and regulations, if there is a taxpayer who is left behind in claiming a tax credit for invoicing for the 2017-18 FY year, he can now claim the same in September.
Also if the tax payer has forgotten one of the debits or credit notes issued in the 2017-18 TA monthly GST return form, can correct the error in the month of September.
It must be noted that in the case if a taxpayer does not take action against errors and omissions in the GST refund details filing on FY2017-18 finally in the return form in September there will be no further opportunity.
The GST Board is in the process of introducing a new GST return form that will be launched effectively on January 1, 2019. The form will bring higher accuracy to match invoices from both suppliers and buyers based on claims made by taxpayers.