I am writing to extend my best wishes to all for a successful new Financial Year 2024-2025. Please find the checklist detailing the changes under various laws for your ease compliance –
1. The amount and item-by-item value of closing stocks as of March 31, 2024, are required in tax audit instances as well as for book closing.
2. Issue any pending Self Invoices, Delivery challans, Receipt vouchers & payment vouchers.
3. Collect Fixed Deposit statements from bank and account interest income.
4. Calculate tax liability and pay necessary advance tax.
5. If turnover for Financial Year 2023-24 exceeds INR 10 Cr, then, Tax Deducted at Source provisions u/s 194Q, Tax Collected at Source provisions u/s 206C(1H) will become applicable for Financial Year 2024-25.
6. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days or 15 days as applicable.
7. Start new invoice series from 01st April, 2024, unique for Financial Year 2024-2025.
8. Submit LUT for Financial Year 2024 2025 Letter of Undertaking has to be submit in case Gat Taxpayer make exports or supplies to SEZ of goods/services or supplies.
9. If turnover for Financial Year 2024-2025 has exceeded INR 5 Crores for the first time since inception of Goods and Services Tax, then, generate and issue E-Invoice for supplies from 01st April, 2024.
10. Follow Circular 170 of 2022 - Circular 170 requires that the entire Input Tax Credit as per your 2B should be taken under table 4a of GSTR 3B return and then permanent reversal or temporary reversal has to be done in table 4b.
11. Application to opt for composition scheme for Financial Year 2024-2025.
12. In case payments to creditors are due for more than 180 days, then, Reverse the input tax credit availed on such transactions.
13. Review transactions liable for reverse charge mechanism and ensure proper compliance. Determine any changes in RCM applicability and adjust processes accordingly.
14. Ensure all GST returns for the current financial year are filed accurately and on time. Rectify any errors or discrepancies in previous returns. Verify that all eligible input tax credits (ITC) have been claimed.
To conclusions, this checklist is generic, inclusive and may need to be adapted based on the specific regulations and requirements applicable to specific jurisdiction and industry.
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*FinTax*
Tax and Finance Consultant
+91 9664760174
FinTax.ca@gmail.com
FinTax.ca@consultant.com
FinTaxca.business.site
