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As F.Y 2022-23 concludes, grasp crucial GST points: LUT renewal, Composition Scheme, QRMP option, ITC reconciliation, turnover review, and supplier compliance checks. Get detailed insights now!

Hello readers, after a long time as we all know F.Y 2022-23 has come to an end ,so important points to be kept in mind listed below-

1. Apply for LUT -Letter of Undertaking in Form RFD-11 for F.Y 2023-24 to continue export of goods/services without payment of GST from 01.04.2023…

2. Composition taxpayers -turnover less than 1.5 cr can opt for composition scheme for F.Y 2023-24 till 31.03.2023.

3. Option to avail QRMP scheme (Quarterly Return Monthly Payment ) having  turnover below 5 crores till 30.04.2023.

4. Prepare reconciliation of ITC booked in books and ITC availed in GSTR-3B during F.Y 2022-23.

5. Reconcile GST -E -Credit Ledger & E-cash ledger with books of account for F.Y 2022-23

6. Reconcile ITC reflected in GSTR-2B with ITC availed in GSTR-3B during F.Y 2022-23

7. Computation of ITC reversal under Rule 42/43  i.e related to exempt supplies/capital goods.

8. Prepare and review that any payment to suppliers is not pending 180 days from the date of issuance of suppliers’ invoice.

9. Identify the ineligible ITC /Blocked ITC /ITC on exempt supplies if any ..

10. Check if registration of any of the suppliers has been either cancelled or suspended.

11.Reconciliation of turnover as reported in GSTR-1/GSTR-3B with books of account for F.Y 2022-23

12. Re-view the correct HSN CODE /SAC code reported in GSTR-1.

13. Check whether e-invoices, if applicable on you  and e-way bills were generated for all invoices as reported in GSTR-

14. Check whether RCM applicable on transactions has been paid as per time of supply provisions and ITC has correctly availed.

15. Check if material /capital goods send for job work has been returned with in time limit prescribed and the same has been duly reported in ITC-04.

And in the last , check status of your suppliers whether they are tax-compliant or not as our ITC totally dependent on the compliances done by the suppliers.

Queries/doubts related to above mailed at mailed at

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June 2024