Important Points to Remember Under GST for the FY 2023-24

As we arrived at the last month of the accounting year (March 2023), it reveals some essential facts that are needed to be considered in the current month in order to have an easier operation in the subsequent year without taking the assistance of the former year. Below mentioned are the points that need to be considered while acknowledging the identical thing.

• According to the books with GSTR-1 and GSTR 3B, reconcile the outward supply when any invoice gets missed just report about that in March 2023 in order to prevent overlapping.
• According to the books with Form GSTR 2B & GSTR 3B, reconcile and claim the available Input tax credit.
• Find out whether the payment of the supplier would get completed in 180 days or not and if it does not then reverse that and claim in the payment month to the supplier.
• You are required to choose the option prior to April 30, 2023, when you want to opt-in or out of the QRMP scheme for FY 2023-24.
• When your Turnover is less than Rs 1.50 cr and wants to opt for the composition scheme, it must be completed before 31st March 2023 by Filing Form GST CMP- 02.
• Application for LUT for FY 2023-24 needs to be done prior to 31st March 2023, when you are an Exporter of Goods or Service and wants to Export without paying IGST for FY 2023-24 then you are obligated to apply for LUT (Letter of Undertaking).
• Before 15.03.2023, GTA Service Provider, who wishes to file the tax beneath Forward Charge either at 5% excluding input tax credit or 12% with ITC is required to provide Annexure V.
  When the Turnover exceeds Rs. 10 Crore In any aforementioned years then the e-Invoice is mandatory wef 1st April 2023.
• According to the Budget 2023, Section 38 of the CGST Act would have revised that may come into force from April 1st, 2023, and is obligated to get read in order to claim the input tax credit (ITC).
  

Below mentioned are the benefits of the Gen GST Online software that makes you save time and reduce the errors

• Outward Liability Easy Reconciliation as Books vs GSTR 3B, GSTR 3B vs GSTR 1, GSTR 1 vs E-invoice etc.
• ITC availed on Easy Reconciliation as ITC Register (Books) vs GSTR 3B, GSTR 3B vs GSTR 2B and GSTR 3B vs 2A, ITC Register (Books) vs GSTR 2A, ITC Register (Books) vs GSTR 2B,
• Regularly Update Important information at our Software Notice Board
• Filing of GST Returns and Auto preparation