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New Checklist for GST and Income tax for year 2024 25

Author : Govind J | Published On : 25 Apr 2024

As we enter the new financial year, it’s vital to prioritize compliance with the rearmost GST and Income Tax regulations to maintain financial stability. StartupPortal Business Services offers a comprehensive FY 2024- 25 checklist, including reviewing enrollment details, timely return filing, accurate invoicing, e-invoicing adoption, ITC management, and addressing tax notices for GST , focus on timely filings Income Tax, tax deductions, meticulous record-keeping, TDS adherence, and MSME 45 Days Payment Rule compliance. This checklist ensures meeting statutory requirements and enhancing business credibility in the year ahead.

GST Compliance Checklist:

  • Review GST Registration: Verify the accuracy and validity of your GST registration details.
  • Update GSTIN Details: Ensure all business changes are updated promptly in your GST registration.
  • Maintain Proper Invoicing Issue: Correct and timely invoices to comply with GST invoicing rules.
  • File GST Returns Timely: Submit GST returns within the due dates to avoid penalties.
  • Reconcile Input Tax Credit( ITC): Regularly reconcile input tax credit to ensure perfection.
  • Reversal of ITC: Handle ITC reversals rightly as per GST provisions.
  • Check DRC Notices: Address any demand or recovery notices from GST authorities promptly.
  • ImplementE-invoicing: Adopt electronic invoicing(e-invoicing) for applicable transactions.
  • Manage E-WayBills: Create and manage E-way bills exactly for the inter-state movement of goods.
  • GST Registration Cancellation: Request cancellation of GST registration if it is no longer needed or eligible.
  • Stay Informed about Changes: Keep abreast of GST law amendments and updates.

Income Tax Compliance Checklist:

  • File Income Tax Returns( ITR) File your income tax returns within the specified deadlines.
  • Avail Tax Deductions Use all eligible tax deductions to minimize tax liability.
  • Maintain Financial Records Keep comprehensive fiscal records for audit and compliance purposes.
  • Missed ITR filing Rectify missed ITR forms instantly to avoid penalties.
  • Cash Transactions Comply with reporting necessaries for high-value cash transactions.
  • Monitor TDS Deductions to ensure timely deposit and filing of TDS( Tax Deducted at Source).
  • MSME 45 Days Payment Rule Adhere to the MSME delayed payment rules for timely payments.
  • Plan for Advance Tax Payments: Estimate and pay advance tax installments as per schedule.

By following this checklist diligently, you can navigate the complexities of GST and Income Tax compliance easily. Remember, compliance isn’t just about fulfilling legal obligations but also about assuring the fiscal health and credibility of your business.

Keep connected with our blog for ongoing insights and updates on financial regulations and industry best practices throughout the year. Here’s to a prosperous and compliant financial year ahead, filled with success and growth for your business!