As we are stepping into the new Financial year, there are various compliance requirements which a taxpayer is required to do with the changing year. Any non-compliance on part of the taxpayer can lead to major disallowances or withdrawal of benefits from the taxpayer.
This article list down check-list which a taxpayer is required to tick as they enter into new financial year:
Section 38 of the CGST Act contains provisions related to furnishing details of inward supplies wherein an earlier proposed model of GST was provided, i.e., the recipient can take action of add/delete/modify on invoices entered by the supplier in his outward supply return.
The CBIC has issued Circular No. 170/02/2022 – mandatory furnishing of correct and proper information in GSTR-1 and GSTR-3B and Amendment in GSTR-3B
Government has restricted the utilization of ITC through inserting Rule 86B and restricted the utilization of ITC upto 99% i.e. 1% of output supplies to be paid in cash each month.
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