🌺 8 Important things to do before the new Financial Year begins (F.Y. 2021-22)

🚨 A GST taxpayer is required to keep the following in mind at the beginning of the FY 2021-22.

👉 1. The functionality to opt for composition scheme has been made available for FY 2021-22 in the dashboard of taxpayers at GST Common Portal. The eligible taxpayers, who wish to avail the composition scheme from FY 2021-22 may opt in for composition by filing form GST CMP 02 through the common portal latest by 31st March, 2021.

👉 2. As per Rule 46(b) of the CGST Rules, a new/unique series of invoices to be raised for FY 2021-22, so that there is no duplication or repetition of invoices with preceding FY.

👉 3. E-Invoicing has been made mandatory for the taxpayers having a turnover of INR 50 crores w.e.f. 01st April, 2021. Further the term turnover shall include the turnover of all the GST numbers under a single PAN.

👉 4. QR Code has been made mandatory on the invoices raised by a registered person having aggregate turnover of more than INR 500 crores w.e.f. 01st April, 2021.

👉 5. HSN Code has been made mandatory for all the taxpayers irrespective of the turnover starting from 01st April, 2021 as per the following:

🔮S.No. 👉 Aggregate Turnover in the preceding Financial Year 👉Number of Digits of HSN Code
🍒 1. Upto INR 5 crores 4
🍒 2. More than INR 5 crores 8

🍑 Further, 4- digits HSN Code is optional in respect of supplies made to unregistered persons i.e., B2C supplies for a registered person having aggregate turnover upto INR 5 crores in the previous financial year.

👉 6. Every registered exporter who desires to export the goods or services without the IGST shall apply for renewal of LUT at the end of financial year, for the next FY 2021-22 in order to continue making the exports without the payment of IGST latest by 31st March,2021. An exporter is required to furnish a bond or LUT to the jurisdictional Commissioner before effecting zero-rated supplies in order to supply without the payment of IGST.

👉 7. The facility to opt-in or opt- out of the QRMP Scheme for the first quarter of FY 2021-22 i.e., From April 1, 2021 to June 30, 2021 is open now at GST Portal. Any taxpayer desirous of opting in or opting out of the QRMP scheme can do the same by 30th April ,2021.

👉 8. A tax payer having aggregate turnover of upto INR 5 crore in the preceding financial year is required to intimate the periodicity (quarterly or monthly) for filing GSTR 1 before the filing of the first return for the current year. Periodicity of filing return will be deemed to be monthly for all taxpayers unless quarterly filing of the return is opted for.

Team – Intellex Strategic Consulting Pvt Ltd

Intellexconsulting.com, Startupstreets.com, Sudheendrakumar.com, Economiclawpractice.com

1 thought on “🌺 8 Important things to do before the new Financial Year begins (F.Y. 2021-22)”

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