Checklist of important GST activities to complete prior to starting the next financial year

Financial Year end is approaching, and it is important to ensure that required compliances are completed before the start of next Financial Year. We have provided below a gist of key activities required to be undertaken under GST.

  1. Reset of invoice number series
    • GST provisions1 require every taxpayer to issue a tax Invoice, Credit/ Debit note containing a consecutive serial number not exceeding sixteen characters which shall be unique for a financial year.
    • Given the specific requirement, Invoice, Credit/ Debit note series should be reset from 1 April 2022 in order to comply with GST provisions
  2. Furnishing of Letter of Undertaking 
    • A new Letter of Undertaking (‘LUT’) has to be filed for each financial year for export of goods/ services without payment of GST. LUT is valid for a financial year.
    • Thus, an application in Form GST RFD-11 should be made to obtain LUT for FY23 for export of goods/services or supply to SEZ without payment of GST.
    • It is pertinent to note that LUT could be applied online on GST portal through Services > User Services > Furnishing LUT. Functionality to obtain online LUT for the FY 2022-23 is effective on GST portal.
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