Work to be done at the Financial Year Ending. | Saral Tax India | सरल टैक्स इंडिया

Work to be done at the Financial Year Ending.

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Work should be completed before year ending fy 21-22, Ay 22-23, these list include, GST, Income Tax and Book keeping Related tips

As it is the financial year ending month, here is the list of work to be done in March.

Gst portal related

  1. Composition - ( to whomsoever applicable)
    Opting or opting out composition till 31-3 for FY 22-23

  2. QRMP ( to whomsoever applicable)
    Opting or opting out QRMP till 30-4 for FY 22-23

  3. Letter of Undertaking (LUT)( to whomsoever applicable)
    Apply letter of undertaking (LUT) in case of exporters for FY 22-23

  4. Fetch bill of entry -
    Import Bill of Entry data fetch for all imports made in FY 21-22 by search bill of entry - for those who import not appearing in GSTR-2A

Gst related

  1. Gst refund for FY 20-21 or FY 21-22 current year - if pending - ( to whomsoever applicable)
    A refund of the following can be applied. if pending, do file a refund application asap
    1. ITC refund for inverted duty structure
    2. ITC in case of export under Letter of Undertaking (LUT)
    3. ITC refund in case of merchant export 0.01%
    4. IGST in case of sez with pay
    5. ITC in case of sez under Letter of Undertaking (LUT)

      Remember - for 20-21, 31st March 2022 is the last date

  2. Reconciliation of GSTR 2a with the purchase invoices for 16(2)(aa) -
    ITC shall be availed by the recipient subject to satisfaction of the condition "supplier has furnished the details of invoices referred to in section 16(2)(a) in form GSTR 1 . do reverse ITC not reflecting.

  3. Reconciliation of GSTR 2a with the purchase invoices and taking pending ITC -
    Do check your GSTR 2a of 21-22, if any ITC is reflected in GSTR-2A and you have did not claim credit in any previous months GSTR3b then you should avail this ITC in 21-22 only i.e March GSTR 3b

  4. Reconciliation of GSTR 1 with GSTR 3b - comparison checking on the portal
    Identify any difference in 3b vs 1. Reconcile in March return only. also," reconcile with books. there may be sometimes Credit Note/ Debit Note not shown in GSTR -1 or 3b or both

  5. TDS credit acceptance- ( to whomsoever applicable)
    TDS credit acceptance for the period till March 2022. here, we are talking about the TDS of "Gst”. if any TDS is being deducted under Gst, accept the TDS credit on the Gst portal. (month to month basis). by doing so, the amount will be credited to the cash ledger

  6. Self invoice in RCM -
    Maintenance of self invoice or payment voucher in case of RCM tax. this seems to be an ignored act wherein, it is required to issue self-invoices and payment vouchers.

  7. Things to check-in outward side -
    Gst needs to be charged on the following incomes but not charged.

    1. Sale of fixed asset or sale of the car - forgot to charge Gst on these
    2. Rent on commercial property received but Gst has not been collected & paid
    3. Freight charged by the supplier on goods sold but forgot to charge Gst on that
    4. Commission income earned but Gst not charged
    5. Purchase return is shown as "sales ” and discharged Gst as "outward tax” wrongly.
      if any such cases, they do rectify such mistakes in March return

  8. Things to check-in RCM -
    If any Gst needed to be paid under RCM but not paid on (1) advocate fees (2) security services (3) import of services (4) transportation/freight ( whether on inward or outward )
    if not paid, pay in March return

  9. Things to check-in ITC side -
    1. If wrongly taken ITC but not reversed it i.e claimed wrong ITC u/s17(5) also if destroyed/lost | personal expenses or exempted goods manufactured then you need to reverse it (r. 42/43)
    2. Wrongly claimed ITC twice. expenses/purchase bill entered twice so claimed itc twice
    3. Wrongly claimed IGST instead of CGST + SGST
    4. Wrongly claimed CGST + SGST instead of IGST
    5. Sales return shown as purchase & claimed ITC on that
      if such cases the, rectify in march

  10. ITC 4 - for those who sent goods on job work (to whomsoever applicable)
    If pending for 21-22 or earlier years, file asap. with effect from 1st October 2021, the frequency of filing the ITC-04 form has been revised 
    1. for those with a turnover of more than rs.5 cr - half-yearly
    2. those with turnover up to rs.5 cr - yearly

  11. E-invoice ( to whomsoever applicable)
    E-invoice is a process through which a normally generated invoice is authenticated by GSTN. post-authentication, each invoice will be issued an IRN
    if turnover has exceeded 20 cr in any preceding FY i.e. 17-18 to 21-22, then e-invoicing would be applicable from 1-4-22

  12. GSTR 9 or GSTR9C - for those who has 2/5 crore or more to for FY 20-21 ( to whomsoever applicable)
    Please file if you haven’t still filed. the last date Already expired (28th Feb).

Bookkeeping related

  1. Complete your accounting till 31st March -
    Give all files of purchase + sale + exp bank statements of current accounts and saving accounts to your accountant till March 2022 so that your March Gst return will be ready and your accounting data will be ready for FY 21-22

  2. March Adjustments
    Make provision for expenses for the march. e.g salary, rent, audit fees, accounting fees, telephone bill, electricity bills, etc etc. also depreciation calculation

  3. For 80C/80D/80CCD/80G/80GGC/80GGB -
    Reminder to pay your LIC, Mediclaim Premium, PPF and other obligations to claim deductions as soon as possible before 31st March.

  4. Debit Note, Credit Note
    Transactions like sale returns or purchase returns or price revision or volume discount, the required necessary debit note or credit notes may be raised in March 2022. so it will form part of financial year 21-22 & your book in your accounts in FY 21-22.

Income Tax-Related

  1. 15G - 15H - ( to whomsoever applicable)
    The taxpayers who have income from interest only and it is less than the prescribed limit, then they can file manually or online in form 15G/ 15H.
    for tax deductors, the last date to file 15G/15H 30th April

  2. TDS on purchase of goods -194q. ( to whomsoever applicable)

    For FY 21-22 =>applicability - FY 20-21 to 10 crore above parties then applicable for FY 21-22
    condition - only if purchases from party cross 50 lacs in the current year and that party not charging TCS

  3. TCS on sale of goods - 206c(1h) ( to whomsoever applicable)
    For FY 21-22 =>applicability - FY 20-21 to 10 crore above parties then-applicable
    condition - only if collection from party cross 50 lacs in the current year and that party is not deducting TDS.
  4. TDS/TCS - normal provisions ( to whomsoever applicable)
    Check TDS/TCS Chart Here for FY 2021-22, AY 22-23
  5. Physical stock checking: -
    Physical stock need to be reconciled with the stock as per books of accounts. this would be handy in both income tax and Gst audits. in case of any discrepancies, the possibility of ITC reversal or missed sales details may be checked.

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Saral Tax India | सरल टैक्स इंडिया: Work to be done at the Financial Year Ending.
Work to be done at the Financial Year Ending.
Work should be completed before year ending fy 21-22, Ay 22-23, these list include, GST, Income Tax and Book keeping Related tips
Saral Tax India | सरल टैक्स इंडिया
https://www.saraltaxindia.com/2022/03/work-to-be-at-financial-year-ending.html
https://www.saraltaxindia.com/
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