As the Financial Year is ending, below five actions are need to be taken on immediate basis for compliance under GST:-

1. New Invoice series

Ensure to create new/ unique invoice series. The same should be consecutive and unique for a financial year.

Also, multiple invoice series for various branches/segments/Products & Services can be generated which are handled from same GSTIN.

2. Requirement to mention HSN code in Invoice

The HSN to be reported in following manner

Aggregate Turnover in the Preceding Financial Year HSN digit to be mentioned
Upto Rs.5 Crores 4
More than 5 Crores 6

A registered person having aggregate turnover up to 5 crores rupees in the previous financial year may not mention the number of digits of HSN Code in a tax invoice issued by him under the said rules in respect of supplies made to unregistered persons.

For export invoices, HSN codes should be mentioned at 8 digit level considering the same would be in line with FTP policy and rules.

Further, in case of certain specified chemicals, HSN codes at 8 digit level is mandatory.

3. Letter of undertaking

A registered person opting to make zero rated supply of goods or services without payment of IGST is required to furnish bond or Letter of Undertaking.

Notification No. 37/2017-Central Tax, dated 04.10.2017, requires Letter of undertaking (LUT) to be furnished for a financial year. Thus, LUT for FY 2021-22 is required to be applied online before 31st March 2021.

 4. E- invoicing

Registered person whose aggregate turnover (in any preceding financial year effective FY 2017-18 to FY 2020-21) exceeds Rs. 50 Crores would be required to generate E-invoice (i.e. to generate IRN from notified portals) in terms of Rule 48(4) of CGST Rules, 2017 in case of supply of goods or services or both to a registered person.

However, certain specified class of persons are exempt from this requirement, viz.

1. Goods Transport Agency;

2. Passenger Transportation Services provider;

3. Supplying Services by way of admission to exhibition of cinematograph films in multiplex screens;

4. An insurer or a banking company or a financial institution, including a non-banking financial company.

 5. QR Coding

 Dynamic QR code on B2C supply invoices by the person above 500 crores turnover are required to be printed from 1 April 2021.

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