GST exercise for the year ending March 2021

1. Obtain Letter of Undertaking(LUT) for FY 2021-22 in respect of export of goods and service without payment of IGST on or before 31st March 2021.

2. Due Date to opt for the composition scheme for FY 2021-22 is 31st March 2021.

3. Reconcile outward supplies as per GSTR 3B & GSTR 1 with books of accounts and E way bills issued.

4. Reconcile ITC as per GSTR 3B with GSTR 2A/2B and discharge interest where ITC in GSTR 3B is higher than those reflected in GSTR 2A/2B subject to 10% or 5% criteria, as the case may be.

5. Reconcile ITC as per GSTR 2A/2B with books of accounts and the differences, if any, should be immediately sorted out with the respective vendor to avoid dis-allowance.

6. Ensure that all the criteria with respect to availing of ITC are followed and blocked ITC availed, if any, is reversed with interest @ 18%.

7. Where any stock is written off in books or destroyed or lost; ensure to reverse the corresponding ITC.

8. Reconcile E-cash ledgers, E credit ledgers and E liability ledgers with books of accounts.

9. Get confirmation from customers that all supplies made to them are reflected in their GSTR 2A/2B. Any discrepancy should be immediately brought to your notice and rectified in subsequent GSTR 1.

10. Ensure to reverse proportionate common ITC for taxpayers having both taxable and exempt supplies.

11. Assess the need to issue Debit / Credit Note in case of purchase / Sale return, price revisions, etc.

12. GST return for September 2021 would be the last opportunity for the taxpayer to rectify errors and omissions made by them in relation to both Output & Input for the F.Y. 2020-21.

13. Ensure to pay GST on Sale of Fixed Assets as per the relevant provisions.

14. Ensure to pay GST under Reverse Charge Mechanism and claim ITC on the basis of self-generated invoices.

15. Update details of the top five goods or services in the Registration Certificate and add additional places of business, if required.

16. In case of construction services, verify that minimum of 80% of the goods and services are procured from registered vendors. Otherwise, the promoter is liable to pay GST under Reverse Charge Mechanism @ 18% on the shortfall value. Promoter shall also be liable to pay GST under Reverse Charge Mechanism @ 28% on procurement of cement from unregistered vendors.