1. File LUT for Zero-Rated Supplies (FY 2025-26)
Who Needs to File?
Businesses making zero-rated supplies (i.e., exports or supplies to SEZ units) without paying IGST.
Deadline: 31st March 2025 (to continue zero-rated supplies from 1st April 2025).
2. Opt-in for GST Composition Scheme (FY 2025-26)
What to Do?
If eligible for the Composition Scheme, file CMP-02 by 31st March 2025.
If switching from a regular to a composition scheme, reverse ITC on closing stock by filing ITC-03 by 30th May 2025.
Important Dates:
CMP-02 Filing: 31st March 2025
ITC-03 Filing: 30th May 2025
3. Opt-in or Opt-out of QRMP Scheme (FY 2025-26)
Who Can Opt?
Businesses with a turnover of up to ₹5 Cr can opt for QRMP (Quarterly Return, Monthly Payment).
Deadline: 30th April 2025
4. Collect Declaration from GTA for Forward Charge
What’s Required?
Goods Transport Agencies (GTA) must declare whether they opt for Forward Charge GST (charging GST in invoices) or Reverse Charge Mechanism (RCM) (paid by recipients).
Businesses should collect and keep declarations from GTAs for FY 2025-26.
5. Reset Invoice Number Series
Why Important?
Start a new invoice series for FY 2025-26 as per Rule 46 (for regular taxpayers) and Rule 49 (for composition taxpayers).
Avoid issues with E-Way Bills, GSTR-1 filing, or refunds.
6. Recalculate Aggregate Turnover (FY 2024-25)
Why?
Your aggregate turnover determines eligibility for:
GST Registration
Composition Scheme
QRMP Scheme
E-Invoicing
Rule 86B (1% Cash Payment Rule)
Ensure accurate turnover calculation for compliance in FY 2025-26.
7. Year-End Reconciliation of Outward & Inward Supplies
What to Check?
Turnover as per books vs. GST returns
Physical stock vs. stock records (identify shortages/excess)
ITC balance as per books vs. GST portal
Pending ITC not matched with GSTR-2B should be reconciled.
Important: Adjustments should be reported in March 2025 GST returns.
8. Yearly ITC Reversal Calculation (Rule 42)
What’s Required?
Annual reversal of common ITC for exempt supplies.
Any excess/short ITC reversal should be accounted for in March 2025 GST returns.
Interest applies from: 1st April 2025 for delayed reversals.
Exempt Supplies Include:
Sale of immovable property
Securities transactions
RCM-based supplies
Restaurant services (5% GST)
9. ITC Reversal for Unpaid Vendors (Rule 37)
What Happens?
If supplier invoices remain unpaid for 180+ days, the ITC must be reversed with interest.
Once payment is made, ITC can be reclaimed.
