22-Mar-2024 GST - Important considerations before 31st March 2024

gst-network itc gst-composite-scheme tax compliance
CA Krutika Jain

Prepare for crucial GST deadlines by implementing e-invoicing for eligible turnovers, securing LUTs for seamless exports, opting into the composition scheme, and managing ITC and credit note filings before the specified timelines. Stay updated on HSN/SAC codes for precise reporting.

  1. E-Invoicing: 
  • Registered taxpayers with aggregate turnover exceeding Rs. 5 Crore in any preceding financial year are required to commence e-invoicing from April 1, 2024. 


  1. LUT:
  • Taxpayers are required to apply for a Letter of Undertaking (LUT) in Form GST RFD 11 for FY 2024-25 to undertake export of goods/services or supplies to Special Economic Zones (SEZ) without payment of GST.


  1. Enrolment for Composition Scheme FY 2024-25: 
  • The taxpayers who want to opt for the composition scheme for the FY 2024-25 should file Form CMP-02 by navigating to ‘Services -> Registration -> Application to Opt for Composition Levy’.


  1. Filing of ITC-03 for Transition to Composition Scheme: 
  • Taxpayers transitioning from regular taxpayers to composition taxpayers must file ITC-03 within 60 days from the commencement of the financial year, i.e., on or before 30th May 2024.


  1. Time Limit to Opt Out from QRMP Scheme: 
  • Taxpayers with a turnover below Rs. 5 Crores have the option to select the frequency of GST return filing for FY 2024-25 until 30th April 2024.


  1. Time Limit for availing ITC for FY 2023-24: 
  • Taxpayers should avail the pending Input Tax Credit (ITC) pertaining to FY 2023-24 until 30th November 2024 or the date of filing the Annual return for FY 2023-24, whichever is earlier.


  1. Time Limit for Issuance of Credit Notes under GST for FY 2023-24: 
  • Credit Notes for supplies made during FY 2023-24 can be issued but not later than 30th November 2024 or the date of filing the Annual return for FY 2023-24, whichever is earlier.


  1. HSN/SAC:
  • Examination the list of HSN / SAC codes applicable in the FY 2023-24 and updating the new HSN/SAC on GST portal
  • Checking applicability of number of digit of HSN / SAC based on turnover of preceding financial year

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