With the financial year drawing to a close, it’s crucial for businesses to proactively ensure compliance and streamline processes for filing GST returns for March 2024. Here are 10 essential actions to consider:

1. Reconciliation of Outward Supplies:
– Communicate with clients to identify any necessary amendments in relation to invoices/credit notes issued during the year for reporting in GSTR-1 of March 2024.

2. Reconciliation of ITC/Cash balance:
– Ensure that input tax credit and Cash balance as per books of accounts are reconciled with the GST portal, making necessary corrections in the books of accounts or GST return for March 2024 if discrepancies are found.

3. Revenue Reconciliation:
– Reconcile the revenue in the books of accounts with the turnover reported in GST returns filed, addressing any differences through corrections in GST returns or books of accounts. Prepare a reconciliation file to avoid surprises during statutory audit or GST annual return filing.

4. Apply for Letter of Undertaking (LUT)
– If you are an Exporter/Supplier to SEZ unit/authority, file an application for obtaining LUT on the GST portal before 31 March 2024 for the FY 2024-25.

5. Reconciliation of Input Tax Credit (ITC):
– Reconcile the amount of ITC reported in GSTR 3B and booked in books of accounts with the auto populated input tax credit to ensure efficient closure of books.

6. Reversal/Reclaim of Input Tax Credit:
– Report any required reversal/reclaim of input tax credit in GSTR 3B of March 2024 as per the provisions of S. 17 of CGST Act read with Rule 42/43 to avoid interest levy.

7. Discharge the RCM liability and claim corresponding ITC:
– Report any missed RCM liability and claim eligible ITC in GSTR 3B for the month of March 2024, analyzing expenses incurred during the year.

8. Non-payment of consideration by recipient within 180 days:
– Reverse any claimed ITC on invoices outstanding for more than 180 days in GSTR 3B and re-claim on payment to the supplier, after analyzing the creditors ageing.

9. Opt for Composition Scheme by filing CMP-02:
– Eligible taxpayers may file an intimation under Form CMP-02 on or before 31 March 2024 to opt for the composition scheme for the next financial year.

10. Start new series of documents from 01 April 2024:
– Ensure to commence a new series of documents (e.g., Tax invoice, Credit notes, Debit notes) from 01 April 2024.

Additionally, it is important to prioritize payment to Suppliers registered as Micro and Small Entities (MSME):
– Categorize creditors into MSME and Non-MSME.
– Identify and make payments for outstanding invoices for Micro and Small entities with UDYAM registration before the due dates.