Important Year End To-do's under Indirect Tax Laws

 

We have put together few important year-end compliance tasks in relation to Indirect Taxes, for your perusal:

 

Tasks before March 31, 2022

 

·                Computation of Aggregate Annual Turnover for FY 2021-2022:

 

-        To determine applicability of E-invoice from April 1, 2022 (if turnover exceeds INR 20 crores in any of the preceding FY since inception of GST)

 

-        To compute ratio in which ISD credit will be distributed in FY 2022-2023

 

·                To identify vendors whose aggregate turnover exceeds more than ₹ 20 Crores. Vendors’ failure to issue e-invoice can lead to disallowance of Input Tax Credit (‘ITC’) at your end in terms of Rule 48 read with Rule 36 of the CGST Rules.

 

·                Inter-company cross charge for the FY 2021-22

 

·                Filing of LUT for zero-rated supplies to be made in FY 2022-23

 

Tasks on or after April 1, 2022

 

·                Fresh series for documents to be raised for FY 2022-2023 as per CGST Rules, 2017

 

·                Computation of for reversal of ITC on annual basis under Rule 42 and 43 of the CGST Rules.

 

·                Opting-in or out of Quarterly Return Monthly Payment (“QRMP”) scheme for FY 2022-2023

 

·                Updation of Importer-Exporter Code (IEC) for FY 2022-23