FY 2021-22 Ending Activities in GST

Indirect Tax proposals made through Budget 2022 indicate the intent of the government to tighten the compliance regulations regarding the availment of Input Tax Credit and other compliance requirements under GST. Needless to say that seamless flow of Input Tax Credit which is the heart of GST is becoming seen less flow of ITC leading to heart break for taxpayers. In this compliance burdened scenario, it has been observed that number of businesses often tend to miss this important aspect of Financial Year closing. As we are approaching towards the end of FY 2021-22 and ushering towards new financial year, FY 2022-23, it is important to consolidate the data for previous financial year and undertake various compliance related requirements for the coming financial year. Thus, 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 errands that need to be taken care of at this juncture: Read more...