Letter of Undertaking (LUT): All the exporters or who supplies goods or services to SEZ without payment of GST should apply for LUT in form GST RFD 11 for FY 2024-25.
Reconciliation of Outward Liability: The taxpayers shall reconcile their outward tax liability between GSTR 1, GSTR 3B & Books and shall account for any differences or amendments in the March 2024 return.
Reconciliation of Input Tax Credit: Taxpayers should reconcile the ITC claimed in GSTR 3B with GSTR 2B and their books, identifying any parties who have not filed their GSTR 1 or reported transactions during the FY. They should follow up with these parties to ensure ITC appears in March 2024’s GSTR 2B. Additionally, calculate and reverse any ITC due to Rule 42, 43 (Blocked Credit, Exempt Supplies), or payments to suppliers not made within 180 days, including any applicable interest.
Payment of RCM: Taxpayers shall recalculate their total RCM liability for the year and shall discharge the same along with interest in their March GSTR 3B return to avoid tax recovery notices in future.
Composition Scheme, QRMP(Scheme) & E-invoicing: The taxpayers shall assess their turnover and input tax credit for the year, and shall decide as to if they want to opt for Composition Scheme(Turnover Limit 1.5 Crore) or Quarterly Return Monthly Payment Scheme (Turnover Limit 5 Crore) for the next financial year. If the turnover of any taxpayer has for the first time exceeded Rs. 5 Crore in the Financial Year 23-24 then he shall generate e-invoices for all his B2B and export supplies from 1st April 2024.