Mumbai: The GJEPC organized a webinar on 8th September to discuss GST Refunds and a Critical Change in the GST Audit and its impact on business owners. Eminent speakers Nishant Shah, Partner, ELP and Pranav Pagari, Associate Partner, ELP were invited to brief participants on the “critical change” and the activities to be undertaken in September 2021 to avoid loss of GST credit.

The interactive session was attended by more than 124 participants. The Highlights of the Webinar were:

• Activities to be undertaken in September 2021
• Important Reconciliations to ensure full credit availment
• Rectification of GST return errors
• Reversal of Input Tax Credit
• Cross Charge
• Other key aspects to be kept in mind
  GST Audit 2020-21

Applicability

• Key points to be analysed to ensure correct payment of tax and correct availment of ITC
• Key points to be controlled/monitored by the promoter to ensure compliance of GST Audit (Self-Certification)
• The attendees were briefed about GST Annual Compliances for FY 2020-21.

Applicability:

• GSTR-9: Optional for taxpayers having turnover up to Rs.2 crore
• GSTR-9C: Applicable for taxpayers having turnover exceeding Rs.5 crore
• Due date for FY 2020-21: 31st December, 2021

Key Aspect:

• Requirement of an auditor to certify that the reconciliation statement in Form GSTR-9C has been removed

Now, such a statement shall be self-certified by the taxpayers
While the due date for filing GSTR-9 / 9C is 31st December 2021, entries relating to availment / reversal of credits including issuance of credit notes needs to be undertaken by 30th September, 2021. Thereby preponing the need for undertaking the review within the month of September 2021.

Attendees were further briefed on Self-Certification – Key Aspects, Penal Provisions, Key Action Points and Risks associated with Self-Certification.
Other points discussed were:

Key checks for correct payment of taxes / availment of ITC like Outward, Inward Supplies and Other Aspects.

Activities to be undertaken in GST return for the month of September 2021 as mentioned below:

• Important Reconciliations to ensure full credit availment
• Reversal of Input Tax Credit
• Rectification of GST return errors Cross Charge
• Other key aspects to be kept in mind
• GST Refund: Applicability, Procedure for obtaining refund, Key issues faced by the gems and jewellery sector and company year end preparations for GST refund.