03/04/2021
Ending Tasks for GST for FY 2020-21
1. *New Invoice series :*
Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series as per your convenience.
2. *Physical Stock Checking:*
Physical stock need to be reconciled with the stock as per books of accounts. This would be handy in both income tax and GST audit. In case of any discrepancies, the possibility of ITC reversal or missed sales details may be checked.
3. *HSN code requirements:*
With effect from 01st April 2021 the requirement of mentioning HSN Code is as follows:
1. Up to 5 crores turnover - Min 4 digits on all B2B supplies. (Optional for B2C supplies)
2. Above 5 crores turnover 6 digits
3. For Exporters and few notified goods - 8 digits
4. *Reversal of Blocked Credit:*
Section 17(5) of the CGST Act 2017 requires reversal of credit in the case of goods lost, stolen, destroyed, written off etc. The companies are likely to decide about the writing off any inventory, if any during the year end closing by March 31, 2021. In such cases, ITC attributable to such goods shall be reversed.
5. *Letter Of Undertaking*
The LUT need to be in place for the coming financial year 2021-22 before 01st April 2021 so that the exports don’t get stuck at the last moment.
6. *Refund for FY 2018-19*
The last date to apply for a refund of GST related to FY 2018-19 is 31.03.2021. Ensure to timely make the compliances, if applicable.
7. *E- Invoicing:*
Businesses having turnover above Rs.50 crores are required to generate e-invoicing The businesses should be prepared beforehand to avoid problems once the e-invoicing is implemented.
8. *QR Coding*
QR code on B2C supplies by businesses having turnover above 500 crores is required to be printed from 01st April 2021. If the same is not complied with from 01st April 2021, they will be liable for penalty on all B2C supply wef 01st December 2020.
9. *Reconciliation of GST
