As the financial year end approaches, businesses across India gear up to complete their year-end financial and tax compliances. Among these, complying with GST regulations is of paramount importance for businesses that are registered under GST. In this comprehensive guide, we have compiled a list of key year-end compliances under GST that all Indian small and medium businesses and startups need to be aware of.
Every business registered under GST is required to file an annual return in Form GSTR-9. The due date for filing the annual return for the financial year 2020-21 has been extended to 31st December 2021. However, it is advisable to complete the filing well before the due date to avoid any last-minute glitches.
Businesses whose annual turnover exceeds Rs. 2 crore in a financial year are required to get their accounts audited by a Chartered Accountant or a Cost Accountant. The audit report needs to be filed in Form GSTR-9C along with the annual return. The due date for filing the audit report for the financial year 2020-21 has been extended to 31st December 2021.
All businesses should reconcile their books of accounts with the GST returns filed during the financial year. Any discrepancies should be rectified immediately, and the revised returns should be filed at the earliest. This will help ensure that the books of accounts are in line with the GST returns filed.
Businesses should ensure that all GST dues have been paid for the financial year. Any outstanding dues should be paid immediately to avoid any penalties and interest.
Businesses should reconcile the Input Tax Credit (ITC) claimed in their GST returns with the books of accounts. Any discrepancies should be rectified immediately, and the ITC claimed should be reversed if required.
Businesses should ensure that all the details in their GST registration are up to date. This includes details such as business name, address, email address, phone number, PAN, and bank account details. Any changes should be updated in the GST portal immediately.
Businesses should ensure that all the monthly and quarterly returns for the financial year have been filed. Any pending returns should be filed as soon as possible to avoid any penalties and interest.
Complying with GST regulations is crucial for the smooth functioning of any business in India. As the financial year comes to a close, it is important for businesses to ensure that they have completed all the necessary year-end compliances. By following the above checklist, businesses can ensure that they are compliant with all the GST regulations and avoid any penalties and interest.
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