The financial year 2023-2024 is about to end, and the new financial year is about to start. Here are some points to note and take necessary action immediately
Some GST Related Points to Note
Amendments/ rectification: One should note that the return for March 2024 is the chance to amend or rectify mistakes done, or things omitted in GSTR-1 or GSTR 3-B return for FY 23-24.
So, The taxpayers should reconcile their books of accounts and returns uploaded and adjust their differences in March GSTR-3B. Also, if any mistake is made in GSTR-1, like B2C shown as B2B, or wrong GSTIN uploaded, invoices omitted to be uploaded etc. can be amended.
Avail pending Input tax credit– The taxpayer should reconcile their Input tax credit as reflected in GSTR 2-A / GSTR-2B with GSTR 3B filed by them and also books of accounts.
Taxpayers should also take supplier follow up for the invoices not uploaded by them, as ITC cannot be taken by taxpayer if the same is not auto populated in GSTR 2A/ GSTR 2B.
Return ITC-04 in relation to jobwork– Taxpayers should ensure that they have filed ITC-04 for all quarters , giving details of goods sent to jobworker and goods received from jobworker.
TDS returns– TDS deductors should file TDS returns so that the counterparty can receive TDS credit before filing their last GST 3B
TDS credit- Taxpayers should accept the TDS credit as reflected on GST portal on monthly basis so that the amount of TDS deducted can be credited to the cash ledger.
Letter of Undertaking (LUT) – All the exporters who make exports without paying tax under LUT should apply for LUT for FY 24-25
Opting for Composition Scheme – The taxpayer must also workout whether he wants to convert to Composition scheme for FY 24-25.
Some Income Tax and Other Points to note
In Income tax, 31st March is the last date to file ITR U – AY 2021-22.
31st March is the last date for filing ITR U- AY 22-23 with lower tax.
If deduction u/s 80 is to be claimed in Income tax, then every taxpayer should verify the limits of Income tax and their tax liability and should invest, donate, etc. before 31st March 2024.
If Taxpayers have not paid Advance tax before 15th March then it should be paid before 31st March so that less interest will be levied.
Last date to file Professional tax return 31st March 2024.