MAKING MARCH MENANINGFUL – GST CAUTION BEFORE 31ST MARCH ENDS

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MAKING MARCH MENANINGFUL – GST CAUTION BEFORE 31ST MARCH ENDS

 

March is crucial for business not only from income tax but also from GST perspective. We have covered the precaution from income tax perspective. The same is accessible at –https://thetaxtalk.com/2024/03/making-march-meaningful-tax-caution-before-31st-march-ends-2/

 

The main concern that taxpayers need to address is summed up as follows.

  1. Compliances for Annual Closure of Books of Accounts.
  2. File the Letter of Undertaking (LUT) for zero-rated supplies for FY 2024–2025. Taxpayers must submit this letter every financial year in order to undertake zero-rated supplies, which include exporting products or services or supplying to SEZ units or developers without paying IGST. For F.Y. 2024–2025, if you are currently engaging in zero-rated supply or intend to do so, your LUT must be filed by March 31, 2024, at the latest.
  3. Opt-in for GST Composition Scheme for F.Y. 2024-25. If you wish to opt for Composition Scheme subject to the fulfillment of criteria and conditions for F.Y. 2024-25, last date to file CMP-02 is 31st March 2024.
  4. Choose whether to participate in the QRMP for FY 2024–2025. The government launched the Quarterly Return Monthly Payment, or QRMP, plan under GST in an effort to make compliance easier for taxpayers.Under this plan, registered individuals with a combined annual revenue of up to Rs 5 Cr are permitted to submit quarterly GST returns in addition to making monthly tax payments under the QRMP plan. The deadline for choosing to participate in or withdraw from the QRMP Scheme for the F.Y.2024–2025 is April 30, 2024.
  5. In order to choose to pay GST under forward charge, declarations must be obtained from the Goods Transport Agency (GTA).
  6. Reset Series of Invoice Numbers
  7. Re-calculation of Aggregate Turnover of F.Y. 2023-24 for various compliances related to F.Y. 2024-25
  8. Year-end reconciliation of Outward Supplies and Inward Supplies Following reconciliation at the year end are must:
  • Difference in turnover between GST return turnover and books of accounts turnover.
  • Comparing actual stock with stock recorded in the books of accounts to determine any shortages or excess stock
  • Closing balance of ITC as per books of accounts vs closing balance as per GST portal.
  • Pending ITC not matched with GSTR-2B to be reconciled and then to be transferred in a separate ledger.
  1. Annual determination of ITC reversal in accordance with Rule 42

From 

Krishnakant Jakhotia

Mobile No :- 9422507911

Email Id :- taxtalknew@gmail.com

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