Important things to note on 1st April 2021 i.e. beginning of new financial year.
- Letter of Undertaking (LUT) for zero rated (export) supplies : The exporter and suppliers to SEZ needs to execute the LUT for the year 2021-22 on GST portal.
- HSN code requirements:
With effect from 01st April 2021 the requirement of mentioning HSN Code is as follows:
· Up to 5 crores turnover – Min 4 digits on all B2B supplies. (Optional for B2C supplies)
· Above 5 crores turnover 6 digits
- New Invoice series for the year : New invoice series to be started for invoices to be raised from 01st April 2021. The series should be serially numbered.
- Refund for FY 2018-19 : The last date to apply for a refund of GST related to FY 2018-19 is 31st March 2021.
- E- Invoicing: Mandatory e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 50 Cr from 01st April 2021.
- Reporting of the invoices for the year 2020-21: Reporting of invoices / debit notes / credit notes pertaining to the year 2020-21 which may have been missed to be reported.
- Ensuring reporting of the invoices of suppliers: Complete GSTR-2A reconciliation to be done to ensure that all the pending invoices which are not reported by the supplier needs to be reported in the March 2020 return by the suppliers.
- Write of Stock : As per Section 17(5)(h) of the CGST Act, 2017, if the taxpayer writes off any value of goods (whether raw material or WIP or finished goods), in such a case, respective ITC needs to be reversed.
- Declaration from SEZ for supplies : In case of supplies to SEZ both goods and services, declaration from SEZ to sought to state that the supply of goods and services are required for the authorised operations of SEZ
