As this financial year draws to a close and a new one is round the corner. Here are a few activities to be done before the end of the FY or to be executed at the start of the new financial year from the GST point of view.
- Apply for Composition scheme under GST for FY 2024-25 on or before 31st March.
- Reconcile your turnover for FY 2023-24. In case turnover exceeds 5 Cr, then start E-Invoicing from 01.04.24.E-invoicing is mandatory for suppliers having turnover exceeding 5 crores.
- As the new FY dawns, remember to start a new Invoice series from 01.04.24 as there needs to be a unique Tax invoice series for each Financial Year.
- If you are an exporter, Apply for Letter of undertaking (LUT) for FY 24-25 for undertaking exports without payment of tax.
- Do your annual reconciliation of GST returns vis-a-vis Books and reconciliation between GSTR-3B and GSTR-1. Also reconcile ITC in GSTR-2B/2A vs 3B. In case of any discrepancy, make necessary amendments in the return for the month of March.
- Apply for refund claim for FY 2021-22 as the late date for filing of refund application for FY 2021-22 is 31 st March’24.