GST- 7 Key Activities to be carried out at the Year End 2022-23

Prepare for a smooth transition to the new financial year by completing these 7 essential GST activities before 31st March 2023. Stay compliant and ensure accurate filing for the next fiscal year.

As we are already in the last month of the financial year ending on 31^st March 2023, it mandates some important points to be taken care in the current month related to GST so that there is smooth functioning in the next year.

Keeping the same in consideration, we have jot down some important points to be taken care of before the end of the financial year.

1. Reconciliation of the Outward supply Taxable, Exports, SEZ Supplies and Exempt as per books with GSTR 1 & GSTR 3B filed during the year and if any invoice is missing then report the same in March 2023 GST Return.

2. Reconciliation of the ITC available as per books with the ITC available and availed as per GSTR 2B & GSTR 3B returns. Any ITC not availed till date shall be considered in March 2023 GST Return and any ITC Available in books but not in GSTR-2B, follow up shall be done with respective parties to file their return timely to avail such ITC.

3. According to Section 17(5), ITC is blocked for certain cases. An examination on the ITC (already availed) should be considered so as to reverse any ITC which was wrongly availed earlier in GSTR-3B Returns.

4. Check whether the Supplier’s payment is done within 180 days and if not, then reverse the ITC available in such invoice and thereafter avail the same in the month in which the payment is made to the supplier.

5. If your Turnover is below Rs. 1.50 Crores and wishes to Opt for the Composition Scheme then the same has to be done before 31st March 2023.

5. If you are an Exporter of Goods/Service and wishes to Export goods/services without paying taxes for the next financial year, then an application for Letter of Undertaking (LUT) shall be filed for FY 2023-24 before 31st March 2023.

6. E-Invoice is mandatory from 1st April 2023 if Turnover is above Rs. 10 Crore in any previous years.

7. Taxpayers having Turnover below Rs 5 Crores shall have an option to select the frequency of GST return filing for FY 2023-24 till 30th April 2023. So, if the taxpayers have opted for Jan – Mar 2023 and want to opt out from the QRMP Scheme and continue monthly filing of returns from FY 2023-24, they need to choose the option by 30th April 2023.

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