1. Procurement / Renewal of LUT for FY 2020-2021
2. Following reconciliations to be maintained –
   • Outward supplies as per books and GST returns (Books vs GSTR-1 vs GSTR-3B)
   • ITC claimed in GSTR-3B vs ITC appearing in GSTR-2A
   • Reconciliation of balance of credit and cash as per GST portal with balance appearing in books.
3. Check requirement for any ITC reversal or ITC to be reclaimed
   • Rule 37 – Any ITC reversal required on account of non-payment within 180 days or reclaim of any ITC in respect of supplies for which payment has been made.
   • Rule 42 or 43 – Impact of annualized ITC reversal in case of exempted as well as taxable supplies to be considered.
   • Check if any reversal required against purchased goods rejected and returned. (ensure the impact of the same has been considered in GST returns)
4. Few additional pointers for GSTR-2A reconciliation
   • Identification of default vendors for the purpose of recovery of tax paid along with interest
   • The reconciliation of 20%/10?ing maintained month-wise to be incorporated to an annual level. In addition to an invoice level reconciliation.
   • Follow up for any required amendments in invoices.
5. Update the masters (vendor details, GSTINs, product descriptions, tax rates etc.)
6. Cross charge to distinct person and related parties for supply of common services.
7. Bird-eye view of compliance status or a walk back to ensure no lapse in compliances. Any interest short paid, late fee not paid etc. Check if any amendments required to be made in GST returns.
8. Validation of RCM liability –
   • Ensure if the liability is being paid in respect of all input supplies notified for reverse charge and all the amendments have been taken care of.
   • Check if the tax paid under RCM matches with ITC under RCM. RCM liability should be more than or equal to ITC under RCM.
   • Ensure timely payment of RCM liability, interest liability need to be discharged in respect of any delay in tax payment.
9. Issuance of GST Debit note/ Credit note –
   • Assess the need to issue any DN/ CN for any value short/excess charged.
   • Whether CN has been issued for sales return by the customers?
10. Check the status of GST refund
11. Ensure tax liability against receipt of advances and adjustment thereof to derive at unadjusted advances at year end.
12. Track status of goods sent on job work or goods sent on approval whether all the goods have been received back within the due time period.
13. Reconciliation of E-way Bill issued during the year viz a viz tax invoices/delivery challans generated
14. In case of reconciliation of books inventory with physical inventory, assess if ITC reversal to be required.
15. In case of continuous supply of services, ensure whether invoice is raised on milestone.
16. If some of the registrations are required to be closed on account of no business activities, file surrender application for the same.
17. Starting new series of the tax invoice, debit note, credit note, delivery challan etc.
18. Invoicing for goods sent on approval.
19. Amendment to registration certificate - Products, additional places
20. In case any amount paid/reversed under protest, ensure receivable are accounted and reported in the asset side of BS
21. Verify year-end accrual/provision entries for transactions with related parties and ensure compliance in March 2020 returns.