YEAR END ACTIVITIES IN GST FOR FINANCIAL YEAR 2020-21
Now We are in the last week of Financial year 2020-21. Some activities to be carried out under GST and laws for smooth transition to Financial Year (FY) 2021-22.
Certain important activities for the said transition/ closure of Financial Year 2020-21 are mentioned below –
1 New Invoice Series from 01.04.2021
2 Reconcile physical stocks with books
3 HSN requirement as per turnover limit
4 Reversal of Blocked credit
5 Letter Of Undertaking in case of Export
6 Apply for Refund of FY 2018-19 last by 31.03.2021
7 E-Invoicing if turnover 50 Cr
8 Reconciliation of GSTR-1 with GSTR-3B
9 Accounting software change:- As per MCA Notification – every Company shall use Accounting Software having feature to record audit trail of each transaction, creating the edit log of changes made and ensuring that the audit trail cannot be disabled (wef 1st Apr 21).
10 missed ITC to be claimed is populated in GSTR 2A or 2B
11 Reconcile Taxes paid with books and Accounts, GSTR 1 and GSTR 3B filed
