Checklist under GST Rules for FY 2024-25

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    ✨ Rules 46 and 49 of the CGST Rules, 2017 clearly imply that from the beginning of the next Financial Year, GST taxpayers are required to start a new invoice series that will be unique to the aforementioned financial year.

 

    ✨ Due date for Filing of Letter of Undertaking (‘LUT’) for undertaking zero-rated supplies i.e. export of goods or services or supply to SEZ Unit/developers without payment of IGST for FY 2024-25 will be 31.03.2024.

 

✨ Last date to Opt-in or opt out of the Quarterly Return Monthly Payment (‘QRMP’) which is available for registered persons with an aggregate turnover upto Rs. 5 crores will be 30.04.2024

 


✨ Last Date to Opt-in for the composition scheme from FY 2024-25 onwards in Form GST CMP-02 will be 31.03.2024

 

✨ Last date for Reversal of Input Tax Credit (‘ITC’) in Form GST ITC-03 on account of transitioning from normal registration to composition scheme will be 30.05.2024


✨ Final adjustment for ITC reversal under rules 42 and 43 to be made on an annual basis in the monthly return of March. In case of failure, interest shall be applicable from 01.04.2024 for FY 2023-24.

 

✨ Calculation of aggregate turnover for various compliance for FY 2024-25.


✨ Special procedure has been prescribed by issuing notification no. 04/2024- Central Tax, dated 05-01-2024 under the GST law for the manufacturers of specified goods such as tobacco, pan masala etc. such as machine registration, special monthly compliances etc. with effect from 1-04-2024. Any person registered on 01-04-2024 and is engaged in the manufacturing of such specified goods is required to get his machines registered by 30-04-2024.

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