Ensure timely GST compliance by opting for the Composition scheme for the financial year 2023-24 before March 31, 2023. Conduct thorough GST reconciliation for sales and ITC claims, including checks on GSTR-1, GSTR-3B, and GSTR-2B. Address any discrepancies, reconcile invoices, and ensure correct categorization. Additionally, consider the option for GTA to pay GST under the forward charge and submit the necessary form by March 15, 2023. Stay updated and compliant with GST regulations.
Opt for Composition scheme F.Y. 2023-23–
Eligible taxpayers who wish to avail composition scheme may opt for the same before 31.03.2023.
Functionality is already made available on common portal.
You can avail this by following below given steps
Services-> Registration-> Application to Opt for composition Levy’ and file Form CMP-02
GST reconciliation – Sales
1. Reconcile your GST sales with GSTR-1 an Books
2. Reconcile GSTR-1 sales with Tax paid in GSTR-3B
3. Check for any amendments required to invoices which were shown on wrong/Diff GSTNs.
4. Check if all sales transactions are reported under correct category e.g B2C/B2B/DN/CDNR
5. Check for exports invoices whether all the invoices are successfully transmitted to ICEGATE portal for refund of IGST paid exports.
6. Check if RCM has been paid on all applicable transactions, match the same with GSTR-2B and make sure all the RCM applicable invoices showing under GSTR-2B are accounted for and tax has been paid for the same under RCM.
7. Any interest liability due to late filing of GSTR-3B is paid as per applicable interest rate. (if not paid already with monthly GSTR-3B)
8. Check if sales return reported by you are not shown as purchase by your customer, if yes you may want to correct it by communicating with your customer.
GST Reconciliation – ITC Claim
1. Invoice wise comparison of ITC claimed in GSTR-3B with GSTR-2B, any pending claim or excess claim may be corrected with reversal or reclaim of the same.
2. Any invoices not claimed in GSTR-3B which is not in Books may be claimed and Accounted for if you have received invoice and supply of goods/service.
3. Any In Eligible ITC if claimed may be reversed with applicable interest if any.
4. Claim under correct head to be insured as interstate transactions may have been recorded as intra state or vice versa.
5. Follow-up with supplier for invoice which has not been reported by supplier in their GSTR-1 (last date for claiming such ITC 30.11.2023).
6. Check for any Debit Note / Credit note issued by supplier and have not been accounted for by you. Communicate with the supplier for the copy of the same and account for the same if its correct otherwise follow-up with the supplier for correction of the same.
7. Check for the IGST on Import has been claimed under correct column in GSTR-3B. if not may be corrected.
Opting for tax payment in forward charge by GTA by 15th March 2023
Annexure V –Form for exercising an option to pay GST by GTA under forward charge. With effect from July 18, 2022, a new structure for the payment of tax on GTA services has been introduced where the GTA if intends to opt to pay GST under forward charge will have to exercise the same before the beginning of the Financial Year.
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