As we have arrived at the last month of the accounting year (March 2023), lets discuss some important points to be considered while finalizing the March 2023 GST Returns and other GST related decisions to be taken by 31st March, 2023.
- Reconcile the books with GSTR-1 and GSTR 3B – It is opined to reconcile the outward supply, debit notes and credit notes issued during the year and if any gets missed just report about that in March 2023 or amend the invoices / DN / CN as needed in order to prevent overlapping. Avoid complications by postponing the reconciliation in next year Returns.
- Reconcile the books with Form GSTR 2B & GSTR 3B, Reconcile and claim all your ITC for FY 22-23 as available in March returns. Pushing it to next year will add complications and may attract GST Notices and un-necessary process of reconciling data of 2 years. Incase of missing ITC in GSTR-2B ensure to followup with your suppliers so as you do not miss out the ITC.
- Reverse ITC where payments not made over 180 days – Find out whether the payment of the supplier would get completed in 180 days or not and if it does not then reverse that and claim in the payment month to the supplier. We are aware purchase and expenses remain unpaid we are suppose to reverse ITC. Or simply ensure to pay of the gst registered creditors on timely basis to avoid such reconciliations
- You are required to choose whether you want to opt-in or out of the QRMP scheme for FY 2023-24 if your turnover is within prescribed limits.
- When your Turnover is less than Rs 1.50 cr and wants to opt for the composition scheme, it must be completed before 31st March 2023 by Filing Form GST CMP- 02.
- Application for LUT for FY 2023-24 needs to be done prior to 31st March 2023, when you are an Exporter of Goods or Service and wants to Export without paying IGST for FY 2023-24 then you are obligated to apply for LUT (Letter of Undertaking).
- Before 15.03.2023, GTA Service Provider, who wishes to file the tax beneath Forward Charge either at 5% excluding input tax credit or 12% with ITC is required to provide Annexure V.
- When the Turnover exceeds Rs. 10 Crore In any afore mentioned years then the e-Invoice is mandatory wef 1st April 2023.
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