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With the financial year 2023-24 approaching its end, ensuring compliance with the GST regulations is crucial. To navigate this process smoothly and avoid any last-minute rush, a well-defined year-end GST compliance checklist is important. This comprehensive list serves as a roadmap, guiding us through the key tasks that need to be completed before the deadline.

By following this checklist, we can ensure a smooth transition into the new financial year 2024-25.

File LUT for F.Y 2024-2025

LUT filing is required for the following purposes :

  • Export of services/goods to outside India without payment of IGST.
  • Zero rated supply to SEZ without payment of IGST.

Please ensure to file the LUT for the F.Y 2024-25 on or before 01-April-2024 to avail the zero-rate tax benefit.

E-Invoicing Applicability for F.Y 2024-2025

E-Invoice is applicable in case the aggregate turnover is exceeded INR 5 crores in any preceding F.Y from 2017-18.

Please check the aggregate turnover for the F.Y 2023-24 and please ensure to generate the e-invoice W.E.F 01-April-2024 if applicable.

File GST Refund Application

The time limit for filing refund application is within 2 years from the relevant date. Please check if the time limit is going to be crossed and ensure to file the refund application before the due date.

QRMP Scheme

 Quarterly Return Monthly Payment Scheme – The registered persons whose aggregate turnover is up to INR 5 Crores in the preceding F.Y is eligible to file the returns quarterly, but GST payments shall be made on monthly basis.

You may opt for QRMP scheme for small taxpayers.

 New Series for Invoice numbers  

As per rule 46(b), the invoice number series should be unique for each F.Y. Please ensure to start a new invoice number series for F.Y 2024-25.

Reconciliations – Sales

Though the time limit to issue credit notes/debit notes and amendments to GST returns for the F.Y 2023-24 is 30-November-2024. It is advisable to do the reconciliations between Books vs GSTR-1 vs GSTR  3B to identify the difference and make necessary adjustments for the month of March 2024.

  • Ensure to raise the missed invoices for F.Y 2023-24 before end of the March 2024.
  • Ensure to properly report the invoices in GSTR-1 and GSTR-3B and match with books of accounts.
  • Issue Debit/Credit notes as applicable
  • Make necessary adjustments in GSTR-1/GSTR 3B and books of accounts.

Financial Year End Checklist For GST

Reconciliations – ITC

Though the time limit to avail the ITC and amendments to GST returns for the F.Y 2023-24 is 30-November-2024. It is advisable to do the reconciliations between Books vs GSTR 2B vs GSTR  3B to identify the difference and make necessary adjustments for the month of March 2024.

  • Ensure to avail all the eligible ITC for F.Y 2023-2024.
  • Ensure not to avail or reverse the ineligible ITC for F.Y 2023-2024.
  • Ensure proper reporting of ITC in table 4 of GSTR 3B.
  • Follow up with the suppliers to report the invoices in GSTR-1 and GSTR-3B wherever pending for eligible ITC cases.

Reconciliations- RCM

  • Ensure that all the purchase/expenses are accounted for the year ending 31-March-2024.
  • Identify the list of transactions attracts GST-RCM from the purchase register.
  • Reconcile with GSTR 3B and books. Whether RCM has been paid and reported in GSTR 3B appropriately.
  • Address the mis matches between books and GSTR 3B.
  • Ensure to have self-invoice in place for all the GST RCM applicable transactions.

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