Hope you are protecting yourself against the possible Cash loss in GST — That GST that you have already paid for Doubtful and bad debts
Sales made, customer not paying , / customer has not booked/ Customer has reversed / put a Debit note /
you have paid GST, and even if you reverse these later, you cannot get the GST back…. if you do that after 1st Nov 2022
So, Hurry up
The last date for such changes for a financial year is no longer the due date to file Form GSTR-1 of September of the following year. But it is fixed as 30th November of the following year.
As per law, you cannot take any GST reversal after 31st oct 22 Credit notes
The first date has now been revised after Budget 2022. It is no longer the due date of September returns but is fixed as 30th November of the year following the financial year or date of filing the annual return, whichever is earlier.
Likewise, similar changes are made to the provisions of Sections 34, 37 and 39.
These include raising credit notes for a financial year, corrections or amendments, return revisions and reporting missed sales invoices or debit/credit notes of a financial year.
The last date for such changes for a financial year is no longer the due date to file Form GSTR-1 of September of the following year. But it is fixed as 30th November of the following year.
And this means that you can take them only in the GSTR1 of the October 2022, filed in Nov 22.
Source 1 :
Source 2:
Same Thing towards Vendor side
Intimate your vendor immediately and see that he has already put his credit note by 31st Oct 2022, else he loses his 18% GST… and in turn , his relationship with you is adversely affected.
