Annual Return

[Kaustubh Karandikar]

The wrong reporting of figures in Return GSTR – 1 and GSTR – 3B, can it be rectified by showing correct figures in Annual Return or in Annual Returns same figures should get reflected what is mentioned in the Return GSTR – 1 and GSTR – 3B?

AI Summary

Taxpayers can correct GSTR-1 and GSTR-3B errors in the Annual Return; it's the final chance to rectify mismatches. A user inquired about rectifying incorrect figures reported in GSTR-1 and GSTR-3B by showing correct figures in the Annual Return. The response advised that correct figures should be reflected in the Annual Return to demonstrate the taxpayer's bona fides and to rectify mismatches. It was noted that the Annual Return is the last opportunity to correct such errors, and there is a possibility that the Common Portal System may provide a facility for this. Many taxpayers have received notices for discrepancies, and it is hoped that the government will offer a solution, especially in the first year of GST implementation.