Hi! The following items under GST require attention before close of the financial year on the 31st of March. Reconciliation 1. Reconcile all your ledgers on portal (such as cash, credit or liability) with your accounts so as complete accounting. Composition Levy 2. Decision regarding opting or withdrawal for composition. LUT 3. LUT, If not already obtained and made zero-rated supply without IGST then take LUT now before 31st March or LUT earlier obtained was for FY 17-18 and now to be reissued for FY 2018-19. Reconcile all GSTR-3B 4. Reconcile all your 3B already filed. Prepare a consolidated sheet containing correct amount of Outward and Inward Supplies. Take correct output and input tax, in comparison to earlier wrong amounts taken. Then take effect of this consolidated amount(s) in 3B to be filed in March 18. Reversal of ITC 5.1 Prepare yearly chart and determine further reversal or reduction in reversal amount. 5.2 After issuance of tax invoice, if receiver does not make the full payment of amount within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore, the aging analysis of creditors is to be done. All old invoices issued before 1st October, 2017, should be paid before 31st March 2018. GSTR 2A 6. Check GSTR-2A for matching credit claimed by you in 3B and credit passed by your suppliers in their respective GSTR1. In case of mismatch take corrective actions in the form of either reversal of credit, if not available, or ensure supplier corrects the mistake in their respective GSTR1 of next month in Table called Amended Invoices. TRAN-2 7. Filing TRAN2 so as to claim deemed credit u/s 140(3) proviso, w.r.t. traders only. 60/40 Credit, which is required to be passed to consumers in the form of Reduced Prices. Surrender of GSTIN 8. If you have obtained fresh GST registration or migrated from previous regime then can surrender the same. New Series for Tax Invoice 9. If anyone wants to change the series for billing in the new year, then he can do that from 1st April. New numbering should be started from 1st April. Monthly/ Quarterly Returns 10. Taxpayers should check the turnover for the year 2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore then the taxpayers have an option to file the quarterly GST returns. GSTR 6 11. Input service distributor has to file GST return in form GSTR 6. So 31st March is the due date to file GSTR 6 from July 2017 to February 2018. Depreciation on Capital Assets 12. At the time of calculating depreciation on the capital goods (other than building), if ITC has been claimed, then the ITC claimed needs to be ignored at the time of calculating depreciation. DVAT 13 Remove DVAT mismatches and complete DVAT assessments for the year 2013-14. Hope this helps. Thanks

Hi!

The following items under GST require attention before close of the financial year on the 31st of March.

Reconciliation

1. Reconcile all your ledgers on portal (such as cash, credit or liability) with your accounts so as complete accounting.

Composition Levy

2. Decision regarding opting or withdrawal for composition.

LUT

3. LUT, If not already obtained and made zero-rated supply without IGST then take LUT now before 31st March or LUT earlier obtained was for FY 17-18 and now to be reissued for FY 2018-19.

Reconcile all GSTR-3B

4. Reconcile all your 3B already filed. Prepare a consolidated sheet containing correct amount of Outward and Inward Supplies. Take correct output and input tax, in comparison to earlier wrong amounts taken. Then take effect of this consolidated amount(s) in 3B to be filed in March 18.

Reversal of ITC

5.1 Prepare yearly chart and determine further reversal or reduction in reversal amount.

5.2 After issuance of tax invoice, if receiver does not make the full payment of amount within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore, the aging analysis of creditors is to be done. All old invoices  issued before 1st October, 2017, should be paid before 31st March 2018.

GSTR 2A

6. Check GSTR-2A for matching credit claimed by you in 3B and credit passed by your suppliers in their respective GSTR1. In case of mismatch take corrective actions in the form of either reversal of credit, if not available, or ensure supplier corrects the mistake in their respective GSTR1 of next month in Table called Amended Invoices.

TRAN-2

7. Filing TRAN2 so as to claim deemed credit u/s 140(3) proviso, w.r.t. traders only. 60/40 Credit, which is required to be passed to consumers in the form of Reduced Prices.

Surrender of GSTIN

8. If you have obtained fresh GST registration or migrated from previous regime then can surrender the same. 

New Series for Tax Invoice

9. If anyone wants to change the series for billing in the new year, then he can do that from 1st April. New numbering should be started from 1st April.

Monthly/ Quarterly Returns

10. Taxpayers should check the turnover for the year 2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore then the taxpayers have an option to file the quarterly GST returns.

GSTR 6

11. Input service distributor has to file GST return in form GSTR 6. So 31st March is the due date to file GSTR 6 from July 2017 to February 2018.

Depreciation on Capital Assets

12. At the time of calculating depreciation on the capital goods (other than building), if ITC has been claimed, then the ITC claimed needs to be ignored at the time of calculating depreciation.

DVAT

13 Remove DVAT mismatches and complete DVAT assessments for the year 2013-14.

Hope this helps.

Thanks