Review regarding the final amendment in the GST on 30 November 2023.

Review regarding the final amendment in the GST Act for the financial year 2022-23 on 30 November 2023.

That the last date for annual return GST R 9 for the financial year 2022-23 is 31 December 2023. But the errors that have occurred in the financial year 2022-23. The last date for correcting them through GST return is 30 November 2023.

That the work of income tax return and audit has now been completed. And all the taxpayers must have done their income tax return and audit. Therefore, they have to be amended for the financial year 2022-23 with the details of the audit. And the details of the amendments made till 30 November 2023 will be declared in the Annual Return GST R 9 for the financial year 2022-23. If the amendments are not made by us. So they will face difficulty in declaring the annual return GST R 9.

1. That if more amount is deposited in any GST 3B of your financial year 2022-23 than in GSTR-1, then its amendment can be done through GST R 3B in the month of November. Otherwise, refund will have to be claimed while filing the annual return. For which perhaps the department will not be ready.
2. That through GSTR-1 before 30 November 2023, you can make amendments through debit note, credit note in relation to your outward supplies. That is, if there is an error in any bill during the financial year 2022-23, you can make amendments in it. This is the last chance. This is a misconception in the minds of some taxpayers. That he will correct the errors in GSTR 1 at the time of filing the annual return i.e. GSTR 9. The special fact here is this. That if you are declaring excess amount in outward supplies through Annual Return GSTR 9, then it is fine. But if you have to declare any shortfall in GSTR-1, then you cannot do it.
3. That under the financial year 2022-23, if input tax credit of any tax invoice, debit note was exempted from taking ITC. So it can be claimed through GSTR 3B before 30 November 2023. This is the last opportunity for ITC.
4. That any input tax credit ITC is to be reversed at the time of audit or preparation of final accounts under the financial year 2022-23. So that can also be reversed through GST R 3B.
5. That tax is to be paid on any amount under RCM during the financial year 2022-23. So ITC can be claimed by depositing it through GST R 3B. That the last date in the above points is 30th November 2023, by which we can make amendments/corrections in the returns for the financial year 2022-23. There is a special thing here. For taxpayers who file GST returns quarterly, this facility is not available till 30 November 2020. Due to which it is possible for them to suffer loss. November 30, 2023 is for those filing monthly returns. Therefore, all tax professionals and taxpayers should make all the amendments before 30 November 2023. Because annual return GST R 9 is exempted for taxpayers whose income is less than Rs 2 crore. Therefore, for such taxpayers, all amendments should be made before 30 November 2023.
   That the above circumstances may be amended by 30th November 2023

That a misconception has arisen in the minds of tax professionals and taxpayers regarding late fees of GST R 1. That late fees on GST R 1 can be charged by the department. According to my opinion, late fees on GST R 1, GST 9C Cannot be taken because late fees on GST R 1 and GST 9C have not been notified yet.