SALES/SUPPLY RELATED:
Sales Reconciliation:
Check the Differences in outward liability of GSTR3B and GSTR 1 from the monthly return summary and take the corrective steps
Ensure that the Total taxable supply as per GSTR 3B and Books is matching. Identify the differences and take the corrective steps
E-Invoicing:
From 1st April 2022, E-Invoice is applicable for companies having Rs 20 crore plus turnover. Kindly ensure that necessary steps are taken for the same, if applicable
Companies to whom E-invoice is already applicable, kindly check that IRC is generated for all invoices of FY 2021-22
Exports: Applicable for Letter of Undertaking (LUT) to be filed for FY 2022-23 on GST Portal
Advances in case of Service Supply:
Check whether GST was Paid at the time of Advance Received
Ensure that no double tax is paid – that is, at the time of receipt of advance and at the time of raising of Invoice.
Invoices adjustment is correctly disclosed in GST Return
Mail to Customer:
It is recommended to send mail to the customer, stating that – “we have disclosed and paid GST on all supplies made to you on GST Portal during FY 2021-22. You are requested to kindly check the same and inform us in case of any issue/discrepancies within two weeks. We will not be liable for any error/omission if we don’t receive any response from you within two weeks.”
Composition Scheme – Opting or opting out of the Composition scheme for FY 2022-2023
Other Income: Ensure that GST is paid on all applicable other incomes
The time limit of Sep 2022 Return due date for –
Credit Note having GST amount for FY 2021-22 can be raised maximum till Sep 2022 return due date. Kindly ensure to raise Credit note is issued and declared within said due date.
Amendment/correction in GSTR 1 of FY 2021-22 can be made till Sep 2022 return due date. Kindly ensure to make corrections/amendments (if any) within said due date.
INPUT TAX CREDIT RELATED:
ITC Reconciliation:
Prepare ITC reconciliation of ITC availed in Books/GSTR 3B and GSTR 2B.
Identify the supplier who has not paid tax / whose registration is canceled and take appropriate steps for ITC safeguard
Pending ITC (if any) as per reconciliation can maximum be availed till Sep 2022 return due date.
Send mail to suppliers, in case they have not disclosed / incorrectly disclosed ITC of FY 2021-22 and ask them to take corrective steps.
ITC Matching:
Ensure that ITC closing balance as per Electronic Credit Ledger and Books is matching
Check that ITC utilization entries for the whole FY 2021-22 are correctly passed in books.
Import ITC – If all Import ITC is not getting reflected in GSTR 2B, then use the functionality on GST Portal, to fetch the details of missing Bill of entries
ITC Blocked / Reversal:
Check whether any ITC needs to be reversed w.r.t Goods Lost, Stolen, Destroyed, written off or disposed of by way of gift or Free Samples, etc
Annual effect of Reversal of Input Tax credit under Rule 42/43 of CGST Rules 2017, for Exempt Supply, No GST Supply, etc
Check whether Payment to the supplier has been made within 180 days from the invoice date of the supplier, if not then reverse ITC on the same in GSTR 3B of Mar-22
RCM RELATED:
RCM Liability –
Check whether any RCM liability is unpaid
Prepare the reconciliation of RCM liability Reflected in GSTR2B and RCM liability paid in GSTR 3B.
Specific attention to RCM liability is to be given to – Import of Service, Payment to the director (other than salary), Sponsorship amounts, since, in general, said amounts are of high value
Check whether RCM liability is correctly recorded in books.
RCM ITC –
Check RCM ITC with respect to all eligible RCM liabilities is taken properly in GSTR 3B.
Check RCM ITC is correctly recorded in books
RCM Self Invoice – RCM ITC is available based on RCM Self Invoice. Kindly ensure that same is prepared and kept in a file
OTHERS:
Job Work – Check whether Inputs sent for Job work during the Financial Year have been returned within one year. Check whether the Capital Goods sent to Job work have been returning within 3 Years.
Registration – Check whether any modifications/amendments in business places/director details are updated on GST Portal
Invoice Series – Ensure that the new invoice series has a maximum of 16 characters/numbers/alphabets/special characters. If it is exceeding 16, then it is not acceptable for GST purposes.
For any clarification, you can reach on +91 9405 3939 59