Submission of Letter of Undertaking (LUT): Registered Person supplying zero-rated supplies to Special
Economic Zones (SEZs) or exports, without paying Integrated GST (IGST), must submit a Letter of Undertaking (LUT) in Form RFD -11for the upcoming FY by March 31, 2025.
Opting for the Composition Scheme: Eligible businesses to avail the Composition Scheme for FY 2025-26
shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, prior to the commencement of the financial year for which the option to pay tax under the aforesaid section is exercised and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of Rule 44 of the CGST Rules within a period of sixty days from the commencement of the relevant financial year i.e. by 30th May 2025.
Quarterly Return Monthly Payment (QRMP) Scheme Selection: Taxpayers with an aggregate turnover up to INR 5 crores can opt into or out of the QRMP scheme, which allows for quarterly return filing with monthly tax payments. The selection for FY 2025-26 should be completed by April 30, 2025.
Check Applicability of E-Invoice: Entity is liable to generate an E-invoice in the new financial year based on its turnover crossing the prescribed threshold limit of INR 5 Crore in any of the FYs starting from July 2017.
Check the requirement to register as an Input Service Distributor (ISD): Any office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services, including invoices in respect of services liable to tax under reverse charge, for or on behalf of distinct persons referred to in Section 25 of the CGST Act, shall be required to be registered as Input Service Distributor and shall distribute the input tax credit in respect of such invoices. The Finance Act, 2024, has substituted the definition of ISD under Sections 2(6) and 20 of the CGST Act to include the distribution of
common ITC. As this section is effective from April 01, 2025 vide Notification No. 16/2024-Central Tax, dated August 06, 2024, a taxpayer must identify such entities and apply for ISD registration.
Declarations from Goods Transport Agencies (GTA): For FY 2025-26, collect declarations from GTA that opt to pay GST under the forward charge mechanism. This documentation is crucial to justify the non-payment of GST under RCM.
GST Amnesty Scheme 2025: The government has introduced an amnesty scheme to encourage businesses to clear outstanding GST dues under Section 73 of the CGST Act. The deadline for payment of outstanding GST dues is March 31, 2025, and the relevant form submission due date is June 30, 2025. This scheme offers a waiver of interest and penalties for past FYs of 2017-18, 2018-19, and 2019-20 as per Section 128A of the CGST Act.
Reconcile your data:
a) Outward supply books vs GSTR 1 vs GSTR 3B
b) ITC books vs GSTR 2B vs GSTR 3B
c) Check whether all the tax to paid under reverse charge has been
remitted and appropriate eligible credits have been taken.
d) Eway bill vs GSTR 1
e) Eway bill vs inward register
f) Check whether e-invoicing has been completed for all required
supplies.