Quick Summary
GST Books closure in March-April 2026 assume signigficance due to the implementation of GST 2.0 in FY 25-26. In this article we synthesize the key issues and pointers to take into account, into a single operational framework so that it acts as a ready reference: 1. KYC of vendors registered under
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FAQ :
The GST book closure in March-April 2026 is significant due to the upcoming implementation of GST 2.0 in FY 25-26, requiring businesses to account for recent changes and updates.
For vendors registered under the new 3-day GST registration scheme (Rule 14A of CGST Rules), KYC validation is crucial, potentially including physical verification of their premises.
Incentive schemes and discounts should be reviewed in line with Circular 251 of 2025. Post-sale commercial credit notes for promotional schemes need to be distinguished from services received by suppliers, and credit notes should be linked to invoices for an audit trail.
Businesses must sanitize HSN codes and GST rates for both outward and inward supplies, verifying changes as per GST 2.0 and ensuring credit/debit notes reflect the correct GST rates based on original invoice dates.
ITC should be reconciled with books, checking for credit note reflections in GSTR-2B for reversals. It's also important to identify non-compliant vendors and match imports with ICEGATE and GSTR-3B.
There's a special focus on the implementation of POS for services by intermediaries, particularly when one party is outside India, following changes to Section 13(8)(b) of The IGST Act.
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