APRIL’22 + MAY 22 is GOING TO BE MOST IMPORTANT
IT’S 1ST APRIL 2022. START OF NEW Financial Year. HOWEVER, COMPLIANCES OF FY 21-22 will conclude in APRIL/MAY-2022. It mandates for some activities to be carried out under GST laws / and Income Tax laws for smooth transition to Financial Year 2022-23. We have listed down certain important activities for the smooth transition/closure of Financial Year 2021-22: Here are some important Q4/MARCH/ YEAR END due dates that will have compliances to do in April / May 2022.
COMPOSITION DEALERS
CMP-8 FOR Q4 – of 2021-2022 : 18TH APRIL 2022
GSTR 4 FOR 21-22 – of 2021-2022 : 30TH APRIL 2022
(Opting or opting out Composition till 31-3-22 for FY 22-23 .The taxpayer must also work out whether he wants to convert to a Composition scheme (Limit is Rs. 1.5 Cr. Now) for FY 22-23. 31st March Already gone) )
MONTHLY DEALERS
GSTR -1 FOR MARCH – 2022 : 11TH APRIL 2022
GSTR-3B FOR MARCH -2022 : 20TH APRIL 2022
QRMP DEALERS
QRMP OPT IN OPT OUT FOR 22-23 – 30TH APRIL 2022
Opting or opting out QRMP till 30-4 for FY 22-23 . Taxpayers having Turnover below Rs 5 Crores shall have an option to select the frequency of GST return i.e., Quarterly return monthly payment (QRMP) Scheme filing for
FY 2022-23 till 30th April 2022.
GSTR -1 FOR Q4 – of 2021-2022 : 13TH APRIL 2022
GSTR-3B FOR Q4 – of 2021-2022 : 22TH APRIL 2022
E-INVOICE – FOR THOSE HAVING 20 CRORE TURNOVER
ENABLEMENT FOR E-INVOICE FROM from 1-4-2022
Businesses with an annual aggregate turnover of more than Rs.20 crore, as calculated in any preceding financial year from 2017-18 up to 2021-22, must begin generating e-invoices from 1st April 2022. . E-invoice is a process through which a normally generated invoice is authenticated by GSTN. Post authentication, each invoice will be issued an IRN
If TO has exceeded 20 Cr in ANY PRECEDING FY i.e. 17-18 TO 21-22, then E-Invoicing would be applicable from 1-4-22
FOR ALL DEALERS
NEW START OF INVOICE SERIES FROM from 1-4-2022
With mentioning 6 digits of HSN / SAC in domestic
And
Also mentioning 8 digits of HSN / SAC in export
FOR EXPORT DEALERS
LUT APPLY FOR 22-23 – APRIL FIRST WEEK ( I know It’s not a due date)
Apply LUT in case of Exporters for FY 22-23 . All the exporters who make export of goods/services or supplies to SEZ without payment of GST should apply for Letter of Undertaking (LUT) in form GST RFD 11 for FY 2022-23.
TDS TCS PAYMENT
PAYMENT OF TDS TCS for MAR’2022 – 30TH APRIL 2022
TDS U/S 192/194/194A/C/H/I/J/Q AND TCS U/S 206C(1) TO (1F) etc
TDS TCS RETURN
27EQ TCS RETURN FOR Q4- 15TH MAY 2022
24Q/26Q TDS RETURN FOR Q4 – 31ST MAY 2022
PREPARE LIST FOR 194Q AND 206C(1H) FOR FY 22-23
This will depend on turnover of 21-22.
If crossed 10 crore then, 194Q & 206C(1H) will be applicable
Make list for clients whom it will be applicable for 22-23 – APRIL FIRST WEEK ( I know It is not a due date)
NON DEDUCTION TDS DECLARATION
15G/H filling – 30TH APRIL 2022
NON-LINKED PAN – AADHAR
Upto 30th june 500/- after that 1000/ 31-3-2023
After 31-3-2023 PAN will be inoperative
| It’s self-explanatory that How important to close FY 21-22 correctly in April month. |
| And Again very important for the changes implemented from April , 2022 |
| Some compliances are applicable to some clients |
| You have to prepare list for each type of compliances |
| Things will get messy if you will not prepared in advance |
Author Bio
TCS is to be paid by the 7th of April and TDS is 30th April