As we are about to mark the end of FY 2023-24, the taxable persons under GST are required to do some activities for the closure of FY 2023-24 and the beginning of FY 2024-25. Such activities have been discussed in the article, which includes:
‣ Opting for the various options that are available, such as applying for Letter of Undertaking (LUT) in case anyone wishes to export without payment of tax, opting for a composition scheme or QRMP, etc.
‣ Calculation of ITC Reversal under Rule 42 and Rule 43 on an annual basis
‣ Reconciliation of books of accounts, GST Returns, E-way bills, etc.
‣ Resetting the invoice series for FY 2024-25