As the financial year draws to a close and we gear up for the next fiscal year, it's crucial for businesses and professionals to navigate the complex landscape of Goods and Services Tax (GST) implications. Here's a comprehensive guide to help you smoothly navigate GST compliance and effectively plan for the upcoming year.

Compliances for Annual Book Closure:

• Ensure timely filing of Letter of Undertaking (LUT) for zero-rated supplies by March 31, 2024.
• Consider opting for the GST Composition Scheme by filing CMP-02 before the March 31, 2024 deadline.
• Evaluate participation in the Quarterly Return Monthly Payment (QRMP) scheme by April 30, 2023.
• Obtain necessary declarations from Goods Transport Agencies (GTAs) for GST under Forward Charge.
• Reset Invoice Number Series and recalculate Aggregate Turnover for compliance purposes.

Year-End Reconciliation of Outward and Inward Supplies:

• Compare turnover between books of accounts and GST returns.
• Conduct a thorough reconciliation of physical stock versus stock as per books of accounts.
• Ensure alignment of closing balance of Input Tax Credit (ITC) between books and GST portal.
• Reconcile pending ITC not matched with GSTR-2B, transferring any discrepancies to a separate ledger.

Yearly Calculation of ITC Reversal as per Rule 42.

This checklist serves as your roadmap to ensure seamless compliance and readiness for the transition to the new financial year. Stay informed, plan ahead, and set your business up for success.