Skip to main content

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

 

Comments

Post a Comment

Popular posts from this blog

Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B-reg Mar 16th, 2026

Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B-reg Mar 16th, 2026 1. In terms of the provisions of Section 50 of the Central Goods and Services Tax (CGST) Act, 2017, interest is payable where the tax liability pertaining to a previous tax period is discharged in a subsequent tax period. Accordingly, the tab “Tax Liability Breakup, As Applicable” in Form GSTR-3B is meant to capture the tax liability relating to supplies of previous tax periods which are being reported and discharged in the current tax period. 2. From the February 2026 tax period onwards, the GST Portal auto-populates the “Tax Liability Breakup, As Applicable” in GSTR-3B on the basis of the document dates of supplies reported in GSTR-1 / GSTR-1A / IFF, where such supplies pertain to any previous tax period but the corresponding tax liability is being discharged in the current period’s GSTR-3B. 3. Accordingly, from the February 2026 tax period, after offsetting the liability in GSTR-3...
Post a Comment
Read more

Input Tax Credit on Staff Cars & Employee Group Insurance Under GST May Finally Be Allowed..!!

🚨 Input Tax Credit on Staff Cars & Employee Group Insurance Under GST May Finally Be Allowed..!! 🚨 There is positive movement on a long-pending industry demand. The Law Committee of the GST Council has recommended that companies be permitted to claim Input Tax Credit (ITC) on vehicles purchased in the company’s name for employee use and on group health and life insurance policies taken for staff. These proposals form part of the ongoing ease-of-doing-business review and are expected to be placed before the next GST Council meeting. 📉 The Current Scenario At present, ITC on passenger vehicles is restricted except for a few specified categories such as manufacturers, dealers, and certain transport operators. Related costs like vehicle insurance, repairs, and maintenance are also blocked. On the insurance side, credit is available only in limited situations. For most businesses, the GST paid on these expenses simply ...
Post a Comment
Read more

Haryana One Time Settlement Scheme 2026

Haryana One Time Settlement Scheme 2026 Issued by Excise and Taxation Department, Haryana | Notification No. 07/ST-1 (29th May 2026) Effective from 1st June 2026 What is this scheme? The Haryana Government has launched a One Time Settlement (OTS) Scheme to help businesses and traders clear their old pending tax demands under pre-GST laws in one go — at a substantially reduced amount. Outstanding dues for any period up to 30th June 2017 can be settled by paying only the tax component (after waiver) while getting complete waiver of interest and penalty. The scheme is available for 120 days from 1st June 2026 (i.e. up to 28th September 2026 ). Which Acts are covered? The scheme covers pending dues under the following Haryana/Central Acts applicable up to 30th June 2017: Haryana VAT Act, 2003 Central Sales Tax Act, 1956 Haryana General Sales Tax Act, 1973 Haryana Tax on Luxur...
Post a Comment
Read more