Reset Invoice Number Series: With the start of the new FINANCIAL YEAR, registered persons should start a new invoice series, unique for the financial year. It may be noted that one can maintain multiple invoice series for different purposes.
Letter of Undertaking (LUT) – One has to now Apply/Renew for LUT for 2022-23 on GSTN Portal (required for Exports and SEZ Supplies without payment of GST)
Selection of frequency of Return Filing – (Only for taxpayers having Turnover below Rs 5 Crores) – Time limit for opting OUT of the QRMP Scheme for Quarter 1 ending June 2022 by 30th April, 2022 (if opted IN for Jan – Mar 2022). One need to carefully note the option given which has to be exercised in a time bound manner.
Reversal of ITC (Rule 42/43) – ITC attributable to supply of exempted goods or services reversed on a monthly basis during the period April 2021 to March 2022 needs to be finalized before the due date of furnishing return for September 2022. If there is shortfall of reversal of ITC during FINANCIAL YEAR 21-22, then interest liability arises from 1 April 2022 till the date of payment of credit It is advisable to finalize the reversal amount in the month of March 2022 itself so as to avoid additional interest burden.
ITC reconciliation – Reconcile ITC as per Books of Accounts, GSTR 2B and GSTR 3B. One should not forget to avail the missedout ITC during the year. Also, one should do the required follow up with suppliers to report transactions in their Form GSTR 1 so that same may get populated in your GSTR 2B.
Sales reconciliation – Taxpayers must reconcile turnover (Taxable, Exempt and Non-GST supply) and taxes paid with books of Accounts, GSTR 1 and GSTR 3B filed & E-Invoices generated.
Payment to vendors – One has to carefully review payment to suppliers are not pending beyond 180 days from the date of supplier invoice. If such ITC is availed without payment within 180 days from date of invoice, then said ITC is to be reversed along with 18% interest. Such ITC can be reclaimed on payment to supplier.
E-invoice – Most important part is that a registered person (except specified person) having an aggregate turnover in a FINANCIAL YEAR exceeding INR 20 crores in any of the preceding years from 2017-18 onwards will be required to generate E-invoice from 1 April 2022. (Earlier the limit was Rs. 50 Crores). It may be noted that it is not only preceding year but the turnover from FY 2017-18 that is required to be reckoned for computing the limit of Rs. 20 Cr.
Comments