GST Compliance Calendar April 2022
This post provides GST Compliance Calendar for the month of April 2022. GST compliance has been and will continue to be a challenging task. With many deadlines approaching this month, take note of these dates and stay GST compliant. Below mentioned return forms are to be filed for monthly(Mar’22)/ Quarterly (Jan’22-Mar’22) returns.
Note:
♦ The due dates are subject to change as and when notified by government.
*Applicable for the states- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, the Union territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
**Applicable for the states-Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.
Important points to consider for GST Compliances of FY 2021-22 in March, 2022
As new year comes with new opportunities, we should make sure that previous year is ending with positive note. Following are the things to keep in mind at the end of financial year for GST Compliances i.e., March, 2022 ;-
1. Outward supplies 21-22
- Preparing yearly reconciliation of the turnover recorded in books of accounts and reported in GST returns
- Reconciling taxes paid with books of accounts and GST returns filed.
- Reporting the difference if any in GST return of March,2022 and paying the taxes if not paid/short paid along with interest as applicable.
- Checking if any GST is paid on other Income such as sale of motor car, sale of assets, etc
- Reconciling and paying RCM liability
- Preparing a reconciliation of E-way bills generated during the FY 2021-22 with tax invoices reported in GSTR 1, give prior intimation to the department in case of any deficiency.
2. ITC for FY 21-22
- Preparing yearly reconciliation of the ITC availed in GST returns and ITC booked in books.
- Checking the ITC pending to be claimed populated in GSTR-2A/2B
- Following up with the suppliers who have not filed Form GSTR-1, so that same gets populated in your GSTR 2A/2B
- Reversal or claim of the ITC under Rule 42/43 of CGST rules which is determined on re-computation of reversal on completion of the FY
- Reversal of any ineligible ITC availed during the FY
- Reversal of ITC in case the payment to suppliers is not made within 180 days from the date of issuance of invoice (such ITC can be re-availed upon payment to supplier)
- Reconciling the ITC availed on RCM and RCM paid.
3. Other Aspects
- Inter-company cross charge for the FY 2021-22
- Filing of LUT for zero-rated supplies to be made in FY 2022-23
- Opting in and out of QRMP scheme
- New billing series for FY 22-23 w.e.f. 1st April 2022.
- Identifying if the annual aggregate turnover exceeds Rs.20 crore, (as calculated in any preceding financial year from 2018-19 up to 2021-22) must begin generating e-invoices from 1st April 2022.
#The taxpayers should take precautions at the right time i.e., March ending, so that they can save themselves from litigations under GST. The benefit of taking precautions at the March end will help taxpayers to overcome all the offences in upcoming new year.
Disclaimer: This information is made available by the writer for educational purposes only and to give you general information and general understanding of law, not to provide specific legal advice. We would suggest that a detailed legal advice must be sought before relying on this information.
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