Important points to be kept in mind for GST before end of F.Y 2022-23

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Important points to be kept in mind for GST
before end of F.Y 2022-23
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• Hello readers, after a long time as we all know
  F.Y 2022-23 has come to an end ,so important
  points to be kept in mind listed below-
• 1. Apply for LUT -Letter of Undertaking in Form
  RFD-11 for F.Y 2023-24 to continue export of
  goods/services without payment of GST from
  01.04.2023
• 2. Composition taxpayers -turnover less than 1.5
  cr can opt for composition scheme for F.Y 2023-24
  till 31.03.2023.
• 3. Option to avail QRMP scheme (Quarterly Return
  Monthly Payment ) having  turnover below 5 crores
  till 30.04.2023.
• 4. Prepare reconciliation of ITC booked in books
  and ITC availed in GSTR-3B during F.Y 2022-23.
• 5. Reconcile GST -E -Credit Ledger E-cash
  ledger with books of account for F.Y 2022-23
• 6. Reconcile ITC reflected in GSTR-2B with ITC
  availed in GSTR-3B during F.Y 2022-23
• 7. Computation of ITC reversal under Rule 42/43 
  i.e related to exempt supplies/capital goods.

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• 8. Prepare and review that any payment to
  suppliers is not pending 180 days from the date
  of issuance of suppliers invoice.
• 9. Identify the ineligible ITC /Blocked ITC /ITC
  on exempt supplies if any ..
• 10. Check if registration of any of the suppliers
  has been either cancelled or suspended.
• 11.Reconciliation of turnover as reported in
  GSTR-1/GSTR-3B with books of account for F.Y
  2022-23
• 12. Re-view the correct HSN CODE /SAC code
  reported in GSTR-1.
• 13. Check whether e-invoices, if applicable on
  you  and e-way bills were generated for all
  invoices as reported in GSTR-
• 14. Check whether RCM applicable on transactions
  has been paid as per time of supply provisions
  and ITC has correctly availed.
• 15. Check if material /capital goods send for job
  work has been returned with in time limit
  prescribed and the same has been duly reported in
  ITC-04. And in the last , check status of your
  suppliers whether they are tax-compliant or not
  as our ITC totally dependent on the compliances
  done by the suppliers. Queries/doubts related to
  above mailed at mailed at mamta0581_at_gmail.com
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