Taxpayer Declarations Before 31st March

Turnover for a financial year should be equal to GST returns and Income Tax returns.   For example, to qualify for the composition scheme, there is a requirement that the turnover should not exceed Rs.50 lakh 

To be eligible for the very popular QRMP scheme, the turnover should not exceed Rs.5 crores.  Also, as per the revised rules, e-invoice is mandatory if the turnover exceeds Rs.5 crore. 

A letter of undertaking is required for non-taxation of supplies to SEZs or exports to foreign countries.  This letter of undertaking should be filed before March 31 to avail this facility for the next financial year. 

if any businessman takes Input Tax Credit (ITC) by making taxable and tax exempt supplies, he has to reverse the credit from the credit taken every month as per the rules.  

Even if the credit is reversed every month, the amount to be reversed for that year should be calculated considering the total credit taken during the year. 

If this amount is more than the amount reversed monthly, that amount has to be paid to Govt Although there is time till October 20 to pay this amount, if it is paid before 31st of this month (March), no interest will be charged 

Builders availing input tax credit (Commercial construction or under the old scheme where ITC is applicable),  have to reverse the credit in respect of the flats which remain unsold by the time of receipt of occupancy certificate.  

Issuance of credit notes, debit notes, any unclaimed eligible ITC,  complete this process before the 31st March instead of waiting for the due date. 

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