Year-End GST Compliance Checklist for FY 2024-25:

Year-End GST Compliance Checklist for FY 2024-25 GST dates are important for all taxpayers to file GST returns and prescribed forms under the GST law in order to avoid incurring interest or late fees. From filing the Letter of Undertaking (LUT) to opting for schemes like QRMP and Composition, timely action is key. This GST compliance checklist highlights essential updates to help businesses stay compliant in the new financial year. As we approach the financial year-end, here’s a comprehensive checklist to ensure smooth GST compliance and avoid last-minute surprises.

Key GST Compliance Checklist

GST Returns and Adjustments First, do not miss to reconcile GSTR-1 with GSTR-3B and do not wait for due date for this. Next, adjust the taxes paid on advances in Books and GST Return. Taxpayers are also advised to verify 6-digit HSN reporting if turnover exceeds Rs.5 Cr Timely Payment of Export Invoices Ensure timely receipt of export service payments within one year so as to comply with both FEMA and GST Laws. Timelines for Goods/ Capital Goods Check timelines for goods sent on approval (6 months) and job work returns (1 year for inputs, 3 years for capital goods). Input Tax Credit (ITC) Checks

• Reconcile books with GSTR-2B and GSTR-3B.
• Follow up with vendors for missing ITC invoices.
• Reverse ITC for free samples as per Rule 42/43.
• Ensure ITC closing balance matches the electronic credit ledger (ECL).
• Check the two-year time limit for refunds.

Reverse Charge Mechanism (RCM) Compliance

• Ensure self-invoicing for reverse charge supplies.
• Verify RCM applicability on services like rent-a-cab, directorship fees, legal fees, and import of services.

Outward GST Compliance

• Reconcile revenue between books and GST returns.
• Identify GST liability on other incomes.
• Discharge GST on liabilities written off.
• Ensure e-invoicing compliance if aggregate turnover exceeds Rs.5 Crore, with a 30-day generation limit for turnover above Rs.10 Crore.

ISD Compliance A turnover-based distribution of common Input Tax Credit (ITC) should be carried out through Input Service Distributor (ISD). Do File a monthly GSTR-6 return and ensure invoices for services are raised. Other Key Year-End Compliances

• Renew LUT for exports.
• Implement a new 16-digit invoice series.
• File annual RoDTEP return for FY 2023-24 by March 31, 2025.
• Update IEC on the DGFT portal (April-June).