Affluence Advisory
Quick Summary
INTRODUCTION A stitch in time saves nine is an old proverb that holds relevance even in the current times. As we embark with a new financial year i.e. FY 2024-2025, it marks the importance for businesses to consider the GST implications at the time of annual closure of books for FY 2023-24 and it
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FAQ :
The checklist provides essential action points for businesses to finalise their GST compliance for the financial year 2023-24, ensuring a smooth transition into the new financial year.
This includes reconciling ITC availed with GSTR-3B and GSTR-2B, communicating with vendors for missing supplies, reversing ITC for exempt income as per rules, reviewing creditors aging for overdue payments, identifying and treating ineligible ITC, and verifying reverse charge mechanism (RCM) transactions.
Businesses should reconcile turnover, tax amounts, credit/debit notes reported in GSTR-1/GSTR-3B with their books of accounts, validate the HSN summary, and ensure credit notes and amendments for FY 2023-24 are captured for GSTR-9 and GSTR-9C.
For compulsory e-invoicing, businesses must check if all B2B invoices are reported on the e-invoice portal with a generated IRN. E-way bills generated during FY 2023-24 should be reconciled with tax invoices reported in GSTR-1.
Key actions include resetting invoice series, filing LUT for zero-rated supplies by 31st March 2024, considering the GST Composition Scheme (filing CMP-02 by 31st March 2024), and opting in or out of the QRMP scheme by 30th April 2024.
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