Prepare for FY 2023-24 under GST with key steps like reconciling supplies, opting for schemes, applying for LUT, and staying updated on regulatory changes.
Since we are already in the last month of the Accounting year i.e. March 2023, which mandates few important points to be taken care in current month so that there is smooth functioning in next year without much reference of previous year. Keeping the same thing in mind, we have tried to brief some important points to be taken care of:
1. Reconcile the Outward supply as per books with GSTR 1 & GSTR 3B, if any invoice is missing report the same in March 2023 so that overlapping can be avoided
2. Reconcile the ITC available and availed as per books with GSTR 2B & GSTR 3B
3. Check for the Suppliers payment are done within 180 days or not , if not then reverse the same and avail in the month of payment to supplier
4. If you wish to Opt In or Out of QRMP Scheme for FY 2023-24 then you have to choose the option before 30th April 2023.
5. If your Turnover is below Rs. 1.50 Crores and wish to Opt for Composition Scheme then same has to be done before 31st March 2023 by Filing Form GST CMP – 02 .
6. If you are Exporter of Goods/Service and wish to Export without Paying IGST for FY 2023-24 then you have to apply for LUT (Letter of Undertaking) , then Application for LUT for FY 2023-24 has to be done before 31st March 2023
7. GTA Service Provider, who desires to Pay tax under Forward Charge either at 5% without ITC or 12% with ITC has to Submit Annexure V before 15.03.2023.
8. E-Invoice is mandatory from 1st April 2023 if Turnover is above Rs. 10 Crore In any previous years
9. As per Budget 2023, Section 38 of CGST Act has been amended which might be effective from 1st April 2023 needs to be read carefully for availment of ITC.
10. Try to Subscribe to a Software for GST because there are Advantages of Software which are time saving and minimise the errors :
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- Easy Reconciliation of Outward Liability as Books vs GSTR 3B vs GSTR 1 vs E-Way bill vs E-invoice etc. etc.
- Easy Reconciliation ITC availed as Books vs GSTR 3B vs GSTR 2B vs 2A
- Identify Vendors did not file their R1 returns in time and send auto reminders.
- Automatically Track notices received on portal.
- Inter Unit Billings.
- Auto preparation and filing of GST Returns
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Disclaimer: We request readers to seek professional advice before arriving at any decision/conclusion after reading. We are not responsible for any loss arising to anyone after referring and relying on this article. Above views are based on our understanding of the provisions.
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