With closing of Financial Year (‘FY’) 2021-22, it is apposite to review overall compliance from legal perspective. In this Outlook, we recommend following key year end checks and To-Do’s that can be ensured from GST, Customs, FTP and Legal Metrology Laws perspective:

• Cross-charge of common expenses and management support rendered by Head Office to other Locations (distinct GST registrations under same PAN) or to Related Entities with common management.
• Reconcile GSTR-2A / 2B with GSTR-3B for entire FY 2021-22. Necessary adjustments should be taken in GSTR-3B of March 2022 to ensure overall compliance of Section 16(2)(aa) of the CGST Act read with Rule 36(4) of the CGST Rules.
• Reconcile GSTR-1 with GSTR-3B for entire FY 2021-22. Necessary adjustments / corrections should be taken in GST returns of March 2022.
• True-up common ITC reversals made under Rule 42 and 43 of the CGST Rules for FY 2021-22 and should take impact in GSTR-3B of March 2022 to avoid interest liability.
• Reconcile TDS and TCS deducted from received payments, corresponding credit availed and consequent liability declared in GST returns.
• Reconcile E-way bill and GSTR-1
• Obtain fresh Letter of Undertaking for FY 2022-23.
• Registered persons having aggregate turnover between Rs. 20 crores to Rs. 50 crores in any FY from 2017-18 onwards, should comply with E-invoicing effective April 2022.
• Obtain / renew Registration Cum Membership Certificate for FY 2022-23 through e-RCMC platform on DGFT website.
• Revise MRP labels effective April 2022 basis changes in the Legal Metrology (Packaged Commodities) Rules, 2017.

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