Staying GST-compliant is crucial for businesses in India to avoid penalties and legal issues. As the financial year 2024-25 progresses, businesses must ensure all GST filings, payments, and reconciliations are completed before March 2025. Here’s a detailed checklist to help Chartered Accountants (CAs) and business owners stay on top of their GST obligations.
1. Reconcile GST Returns (GSTR-1, GSTR-3B, and GSTR-9)
- Verify that the sales and purchase data match across GSTR-1, GSTR-3B, and GSTR-9.
- Cross-check Input Tax Credit (ITC) claims with GSTR-2B to avoid discrepancies.
- Identify and correct any mismatches before the annual return filing.
2. Ensure Timely Filing of GST Annual Return (GSTR-9 & GSTR-9C)
- Businesses with turnover above Rs. 2 crores must file GSTR-9.
- GSTR-9C (Reconciliation Statement) is mandatory for businesses exceeding Rs. 5 crores in turnover.
- Ensure data accuracy and reconcile financial statements with GST returns.
3. Review Input Tax Credit (ITC) Claims
- Validate ITC claims with GSTR-2B and supplier invoices.
- Reverse ineligible ITC and claim only eligible credits.
- Identify any pending ITC that can be claimed before the final deadline.
4. Payment of Pending GST Dues & Interest
- Clear any outstanding GST liabilities before the financial year ends.
- Calculate interest on delayed payments and make necessary adjustments.
- Ensure electronic cash and credit ledgers are balanced.
5. GST Audit Preparation
- Maintain proper records of invoices, ledgers, and reconciliations.
- Ensure books of accounts are in sync with GST returns.
- Keep track of any departmental notices and respond promptly.
6. Update E-Invoice & E-Way Bill Compliance
- Businesses with turnover above Rs. 5 crores must ensure e-invoicing compliance.
- Verify e-way bill records and ensure compliance with movement of goods regulations.
- Rectify any errors in e-invoices before the final submission.
7. Verify HSN & SAC Code Classification
- Ensure correct HSN (Harmonized System of Nomenclature) and SAC (Service Accounting Code) are used.
- Check if the latest GST rate changes apply to your business.
8. GST Registration & Cancellation Updates
- Ensure GST registration details are up-to-date.
- If any business entity is closed, apply for GST cancellation before March 31, 2025.
9. File LUT (Letter of Undertaking) for Exporters
- If you are an exporter, ensure LUT for FY 2025-26 is filed on time to continue tax-free exports.
- Keep track of export transactions and ensure proper documentation is maintained.
10. Comply with GST Notices & Rectifications
- Check for any pending GST notices and respond within the given timeline.
- Make necessary corrections in returns if required to avoid penalties.
Final Words
GST compliance is a critical aspect of running a business in India. Chartered Accountants and business owners must proactively complete these tasks before March 2025 to ensure smooth operations and avoid last-minute penalties. Stay updated with the latest GST rules and leverage automation tools to ease the compliance burden.
For expert assistance in GST compliance, tax filing, and business advisory services, contact a qualified Chartered Accountant today!
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By following this checklist, businesses and accountants can ensure compliance with GST laws and avoid unnecessary penalties before the financial year closes.
