FY 2020-21 Ending Chores in GST

Since, we are approaching towards the end of FY 2020-21 and ushering towards new financial year, FY 2021-22, it is important to consolidate the data for previous financial year and undertake various compliance related requirements for the coming financial year. Indirect Tax proposals made through Budget 2021 indicate the intent of the government to tighten the compliance mechanism and increase the scope of GST through various retrospective amendments. Needless to say Good and Simple Tax has not remained so simple. In this compliance burdened scenario, it has been observed that number of businesses often tend to miss this important aspect of Financial Year closing. It is very imperative to focus on the financial year ending tasks. This article is an attempt to provide you an illustrated checklist of various GST related compliances which form the part of your year-end compliance deliverables. Kindly find below the analysis of various chores that need to be taken care of at this juncture: Read more...