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Key Year End Compliances/ Declarations Related to GST

This is the last week of FY 2024-25, and there are certain compliances that need attention. Below is the list of key tasks:

   Ø Declaration for Export with payment of tax i.e LUT in Form RFD 11

Ø ⁠E invoicing registration and stand by if the aggregate turnover in FY 2024-25 is exceeding 5 Cr.

Ø  Suppliers with outstanding payments for more than 45 days (SME) and 180 days for corrective action and ITC reversal.

Ø New Tax Invoice series starting from 01.04.2025

Ø Important reconciliations to be completed and effect is advised to be taken in March 25 GST Returns:

Ø ITC availed in GSTR 2B vs GSTR 3B

Ø ⁠ITC availed in Books vs GSTR 3B

Ø ⁠Outward Supplies as per Books vs GSTR 1

Ø ⁠outward supplies as per GSTR 1 and GSTR 3B

Ø ⁠RCM as per Books and GST Returns

Ø ⁠ISD as per GSTR 2B and Books/ 3B

Ø ⁠1% cash payment under Rule 86B in case monthly sales are more than 50 Lakhs

Ø ⁠Annual working of Reversal under Rule 42/43 against exempt supplies

Ø ⁠Check suppliers who have not filed their GSTR 3B (Rule 37A)

Ø ⁠Check suppliers whose payment is outstanding beyond 180 days (Rule 37)

Ø ⁠Blocked credits and ITC reversal

Ø ⁠Electronic Liability Register Reconciliation as 31st March 2025.

Ø ⁠Electronic Reversal Register reconciliation as on 31st March 2025.

Ø ⁠TDS/TCS Reconciliation

 

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