Key GST Compliance Checklist for March 2025 Year-End
As the financial year 2024-25 comes to an end, taxpayers must ensure that all necessary GST-related compliances are met to avoid penalties and ensure a smooth transition into the new financial year 2025-26. Here’s a comprehensive checklist to help you stay compliant.
1. New Billing Series and E-Invoicing
- Start a new billing series for FY 2025-26 from April 1, 2025.
- Businesses with an annual turnover exceeding ?5 crores in FY 2024-25 must generate e-invoices from April 1, 2025.
2. Letter of Undertaking (LUT) for Exporters
- Exporters and businesses supplying goods/services to SEZ without GST payment must apply for LUT (GST RFD-11) for FY 2025-26.
3. QRMP and Composition Scheme Selection
- QRMP Scheme: Taxpayers with turnover below ?5 crores must select their return filing frequency (monthly/quarterly) by April 30, 2025.
- Composition Scheme: Businesses with turnover below ?1.5 crores should evaluate tax benefits of the composition scheme and opt accordingly.
4. Turnover and Tax Liability Reconciliation
- Reconcile turnover and tax liability between:
- GSTR-1 (sales data)
- GSTR-3B (tax payment)
- Books of accounts
- If any shortfall is identified, pay the tax along with interest using DRC-03 to avoid penalties.
5. ITC Reconciliation and Reversal
- Match Input Tax Credit (ITC) between:
- Books of accounts
- GSTR-3B (ITC claimed)
- GSTR-2B (supplier-reported ITC)
- If a transaction is not reflected in GSTR-2B, follow up with suppliers.
- If ITC was claimed but not reported, reverse it to avoid future issues.
Final Checklist for March 2025 GST Compliance
Set up a new billing series for FY 2025-26.
Apply for LUT (for exporters) before April 1, 2025.
Select QRMP/Composition Scheme by April 30, 2025.
Reconcile turnover and tax liabilities (GSTR-1, GSTR-3B, books).
Verify ITC claims and reverse any incorrect credit.
Act Now! Avoid penalties by completing your GST compliance before March 31, 2025.
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