Key year end To dos

by | Mar 29, 2019

This update intends to apprise taxpayers about the key year end activities to be undertaken by March 31, 2019 or on April 1, 2019 to ensure due compliance with the GST law. The following points may be kept in mind by taxpayers:

Sl. No.

Nature of Activity

Description

1.

Input tax credit (‘ITC’) to be availed for FY 2017-18

The last date for availment of ITC on invoices issued in FY 2017-18 is March 31, 2019. Such ITC should be availed in FORM GSTR-3B to be filed for March 2019. However, in our considered view, taxpayer can claim the same till June 30, 2019 i.e. due date of filing of Annual Return (also refer to our update dated January 09, 2019 for detailed reasoning).

 

Taxpayers should ensure that they have availed all ITC including the goods and services on which ITC is generally missed like electrical and mechanical work in building construction, bus transport expenses for pick and drop of employees, insurance / repair & maintenance of motor vehicles, CSR expenditure, air travel expenses, CHA expenses etc.

 

2.

Amendments / rectification in FORM GSTR-1 for FY 2017-18

Taxpayers can report the details of outward supplies pertaining to FY 2017-18 which were either omitted or needs to be amended in FORM GSTR-1 to be filled till the due date for March 2019 (April 11, 2019 as of now).

 

3.

Issuance of debit notes in respect of invoices originally issued in FY 2017-18

While there is no last date for issuance of debit notes under GST law, the taxpayers may ensure that such debit notes are issued by March 31, 2019. This is for the reason that last date of availing ITC on debit notes issued against invoices pertaining to FY 2017-18 is March 31, 2019.

 

4.

Letter of Undertaking (‘LUT’) renewal for FY 2019-20

A registered person exporting goods or services without payment of IGST, needs to obtain LUT for FY 2019-20 on or before March 31, 2019 to continue exports without payment of IGST from April 1, 2019.

 

5.

Filing of FORM GSTR-3B and FORM GSTR-1

Taxpayers who have not yet filed FORM GSTR-3B and FORM GSTR-1 for the months of July 2017 to September 2018, are advised to file the same till March 31, 2019 to avoid late fee.

 

6.

New series for statutory documents

Taxpayers may consider to start new series of their statutory documents such as tax invoice, credit / debit notes, delivery challan, bill of supply etc.

 

 

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