Rohit Kumar Singh
Quick Summary
Year End Activities in GST for Financial Year 2020-21 We are in the penultimate week of the Financial Year 2020-21. It calls for some activities to be carried out under GST and laws for a smooth transition to Financial Year 2021-22. We have listed down certain important activities for the said tr
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FAQ :
Key activities include ensuring accounting software meets new MCA audit trail requirements, renewing your Letter of Undertaking (LUT) for exports, reconciling Input Tax Credit (ITC) for FY 2020-21, and verifying outward supplies.
Missing ITC for FY 2020-21 must be claimed on or before filing the GSTR 3B for September 2021.
E-invoicing is applicable if your aggregate turnover exceeded Rs 50 crores in any financial year from 2017-18 to 2020-21.
Amendments to GSTIN, invoice number, invoice date, taxable value, and taxes can be made until the filing of GSTR 1 for September 2021.
For turnovers less than Rs 5 Crores, 4-digit HSN codes are required. For turnovers greater than Rs 5 Crores, 6-digit HSN codes are mandatory.
If payment to a supplier is pending beyond 180 days from the invoice date, any ITC availed on that invoice must be reversed along with interest. This ITC can be reclaimed upon subsequent payment.
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