GST Compliance Checklist for 2024

Insights by CA Adda - Chartered Accountancy Firm in India

GST Compliance Checklist for 2024

Staying on top of Goods and Services Tax (GST) compliance can be a complex task, but it's crucial for any business registered under GST. This checklist will guide you through the key areas to ensure a smooth and compliant 2024 for your business.

Record Keeping and Documentation

• Maintain accurate and up-to-date books of accounts reflecting all GST transactions.
• Ensure proper invoice issuance with the correct HSN/SAC codes and GST rates.
• Keep records of e-way bills generated for taxable supplies.
• File Letter of Undertaking (LUT) for zero-rated supplies by the due date (typically March 31st).

GST Return Filing

• Familiarize yourself with the different GST return forms (GSTR-1, GSTR-3B, etc.) applicable to your business.
• File GST returns accurately and within the prescribed deadlines throughout the year.
• Reconcile the information filed in GSTR-1, GSTR-3B, and e-way bills to ensure consistency.

Input Tax Credit (ITC) Management

• Review and claim eligible ITC meticulously based on invoices received from suppliers.
• Perform reconciliations between ITC claimed in GSTR-3B and ITC reflected in GSTR-2B received from suppliers.
• Address any mismatches in ITC and make necessary adjustments in your return filing.

Year-End Considerations

• Perform a comprehensive review of ITC claimed throughout the year and make any required reversal adjustments as per GST rules.
• Reconcile the closing balance of ITC as per your books with the electronic credit ledger.
• Close your books of accounts for the financial year ensuring all GST aspects are addressed.

Additional Tips

• Stay updated on any changes or amendments to GST regulations.
• Consider using accounting software or consulting a tax professional for complex GST matters.
• Maintain a paper trail of all documents related to GST compliance for future reference.

By following this checklist and staying informed, you can ensure your business remains GST compliant in 2024. Remember, this is a general guideline, and specific requirements may vary depending on your business nature and registration type.