GST Year-End Compliance Checklist for FY 2024-25

📅 To be completed before 31st March 2025

As the financial year ends, it’s crucial for every GST-registered business to ensure their records, returns, and reconciliations are fully compliant. Here’s a comprehensive checklist covering all key GST tasks to avoid notices, penalties, and cash flow disruptions in FY 2025-26.

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🔄 1. Reconciliation of Returns and Records

• GSTR-1 vs GSTR-3B
  Ensure outward supplies match between both returns. Rectify mismatches using DRC-03, if required.
• GSTR-3B vs GSTR-2B vs Purchase Register
  Match ITC claimed with auto-generated GSTR-2B and your accounting data. Reverse ineligible ITC and claim missed eligible credits.
• Electronic Credit Ledger (ECL)
  Reconcile ECL with your internal ITC ledgers for accuracy.
• E-Way Bills vs GSTR-1 vs Sales Register
  Reconcile quantity and value of outward supplies. Mismatches can lead to scrutiny or audit triggers.
• Import Reconciliation
  Match Bill of Entry (BOE) data with import invoices and GSTR returns. Ensure proper ITC claim.
• GST Turnover vs Income Tax Filings
  Align turnover reported in GST with Form 26AS, books, and ITR for transparency.

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📋 2. Input Tax Credit (ITC) Compliance

• Review expense ledgers for any missed ITC (e.g., bank charges, licenses).
• Ensure reversal of:
  • Blocked ITC u/s 17(5)
  • ITC on unpaid invoices after 180 days (Rule 37)
  • Annual proportionate ITC (Rules 42 & 43)
  • Time-barred credits claimed post-Nov 2024 for FY 2023-24
• Rule 37A: Ensure vendors have filed GSTR-3B for all invoices where ITC is claimed.
• ISD-related compliance:
  • Mandatory ISD registration before 1st April 2025 for common input services
  • Correct distribution of ITC among branches

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⚖️ 3. Reverse Charge Mechanism (RCM) Review

• Identify RCM applicability on:
  • GTA
  • Advocate fees
  • Import of services
  • Rent-a-cab, DSA commission, residential rentals, etc.
• Reconcile:
  • RCM liability vs GSTR-2B
  • RCM paid vs ITC availed
• Ensure payment of any pending RCM dues in cash as per law

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📄 4. Document Accuracy & Compliance

• Invoice Series Reset
  Start a fresh invoice series from 1st April 2025 (within 16 characters). Applies to invoices, credit/debit notes, bills of supply, ISD invoices, and vouchers.
• Review of Tax Invoices
  Ensure correct HSN codes, GSTINs, tax rates, and e-invoice generation (if applicable).
• Pending Credit Notes
  Issue credit notes by 30th Nov 2025 for FY 2024-25 supplies to ensure ITC and liability accuracy.
• GTA Declarations
  Collect declarations for opting forward charge for FY 2025-26 to avoid unnecessary RCM obligations.

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🔄 5. Scheme Switching – Normal ⇌ Composition

a. Opting for Composition Scheme (Normal → Composition):

• File Form CMP-02 before 31st March 2025.
• File Form ITC-03 within 60 days from 1st April 2025 to reverse ITC on inputs and capital goods.

b. Exiting Composition Scheme (Composition → Normal):

• File Form CMP-04 before the beginning of FY or upon ineligibility.
• File Form ITC-01 within 30 days to claim ITC on opening stock and capital goods.

🔍 Tip: Ensure ITC adjustments are reflected properly in GSTR-3B/GSTR-4.

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🌍 6. Exporters’ Checklist

• LUT Filing (Form RFD-11)
  File for FY 2025-26 before 31st March 2025 to continue zero-rated supplies without IGST.
• Rule 96A Compliance
  Ensure:
  • Goods exported within 3 months of invoice
  • Services: Payment received within 1 year in convertible forex or permitted INR

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📑 7. Return Filings and Tax Payments

• File all pending monthly/quarterly returns (GSTR-1, GSTR-3B, GSTR-4, etc.)
• File GSTR-9 (Annual Return) and GSTR-9C (Audit), if applicable
• File ITC-04 for job work (Oct 2024 to Mar 2025) by 25th April 2025
• Pay interest @18% on any delayed GST payments (Sec 50)
• File any pending refund applications before the 2-year deadline expires

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🧾 8. Special Year-End Compliances

• GST Amnesty Scheme 2025
  • For FY 2017-18 to 2019-20 dues under Section 73
  • Pay tax by 31st March 2025
  • Submit forms by 30th June 2025
• E-Invoicing Applicability Check
  • Mandatory if turnover > ₹5 Cr in any FY from 2017-18
  • 30-day limit for e-invoice generation for turnover > ₹10 Cr
• DGFT IEC Code Update
  • Update IEC on DGFT portal between April and June 2025
• RoDTEP Return
  • File RoDTEP claim for FY 2023-24 by 31st March 2025
• Goods on Approval / Job Work
  • Track goods to ensure returns within:
    • 6 months (approval basis)
    • 1 year (inputs for job work)
    • 3 years (capital goods for job work)
• TDS/TCS Credit Reconciliation
  • Match GSTR filings with TDS/TCS ledgers for credit claims