Care to be taken under GST Act in March 2023

- Sales Tax - Soham Mashruwala

A lot of care needs to be taken under the GST law. The government has enacted a law that if a supplier makes a mistake, it is punishable and all responsibility rests with the supplier even if there is a deficiency in the law or the inability to facilitate the GST portal. The financial year 2022-2023 is now coming to an end and today's article discusses what to look out for in the month of March.

1. Application for letter of undertaking for the financial year 2023-2024 should be made on the GST portal before 31 March 2023.

2. As per the new law, the limit for e-invoices is Rs. 10 crore has been made. The supplier who has so far in a single financial year Rs. 10 crore turnover and in the financial year 2022-23 Rs. 10 crores or more, e-invoice will be applicable from 1.4.2023.

For this option, the supplier has to go to the e-invoice website and register and transact. It is to be noted that the supplier to whom e-invoice applies and does not issue e-invoice as per rule 38 shall be deemed to have supplied without bill.

3. In the financial year 2023-2024, if you want to pay the liability according to the scheme of composition, you have to select the option on the GST portal before 31.3.2023.

4. As per the provision of rule 46(b) a new series has to be kept for every financial year. For Tax Invoice, Credit Note, Debit Note, Bill of Supply, Refund Voucher, Payment Voucher and ISD Bill.

5. In the financial year 2022-23, if the turnover is Rs. If it is up to 5 crores, it is mandatory to indicate the date 1.4.23 to 4 letter code in the bill. If the turnover is Rs. If more than 5 crores then 6 character HSN code is required to be shown.

6. For the first quarter of the financial year 2023-24, the option to opt in or out of the QRMP scheme should be chosen before 30.4.2023.

7. The supplier who has both exempted and taxable supplies due to which the tax credit has to be refunded as per Rule 42/43, to save interest, the supplier has to give the effect in the GSTR3B form on the basis of turnover for the whole year in the month of March 23 to save interest.

8. In case of supply of service for export transaction, FIRC/BIRC demand should be applied so that export claim is not rejected.

9. If there is any liability to be paid under reverse charge, the same should be paid and the tax credit should be sought.

10. ITC-04 has to be filled for the financial year 2022-23. Dt. Upto 25.4.23.