Here is a quick checklist of things to do under GST before the end of the financial year.
1. Creation of New Series of Invoices for the new Financial Year
2. E-Invoicing preparedness for all businesses, as the Central Government may mandate e-invoicing for businesses with turnover thresholds less than Rs. 100 crore starting 1st April 2021
3. Examine the "Aggregate Turnover" for FY 2020-21 as per the definition under the GST laws, which means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), but includes exempt supplies, exports of goods or services or both and inter-State branch transfers.
The aggregate turnover is a determining factor for the following decisions:
a) To choose options for filing of GSTR-1 in the FY 2021-22 on quarterly QRMP scheme or on monthly frequency
b) Decide on number of digits to be shown for HSN codes (turnover up to Rs. 5 crores - 4 digits, turnover above Rs. 5 crores - 6 digits)
c) Whether to opt for the composition scheme
4. Filing of Letter of Undertaking (LUT) online to be able to export without payment of IGST in FY 2021-22
5. Reconciliation of GSTR-2A with ITC claimed in GSTR-3B - contact vendors who have not uploaded the invoices and reverse ITC wrongly availed either due to blocked credit or due to refusal of vendor to upload the invoice on his GSTR-1
6. Examine vendors unpaid for over 180 days as on 31.03.2021 and either pay them immediately or reverse the ITC taken on supplies received from them.
7. Check if any Blocked Credit under section 17(5) of the CGST Act has been availed during the year and reverse the same with payment of interest.
8. Ensure that items sent for job-work are received back within one year to prevent them being treated as supplies and outward GST be payable. Reconcile and update transactions in ITC-04.
9. Reconciliation of GSTR-1 with GSTR-3B and Sales as per books of accounts
10. Reconciliation of E-Way Bills with GSTR-1
11. Reconciliation of ITC ledgers such as Cash Ledger and Credit Ledger balances with those balances in your books of accounts.
12. Reconciliation of physical stock with stock as per books of accounts
13. Invoicing for administrative supply by Head Office to all branches for support services provided throughout the year
