Annual GST work should begin with a careful comparison of periodic returns and the final books. Applicability and filing requirements must be checked for the relevant financial year.
Collect the annual records
- Filed GSTR-1 and GSTR-3B returns
- Sales, purchase and tax ledgers
- Electronic liability, credit and cash-ledger information
- Final trial balance and financial statements
Reconcile outward supplies
- Compare book turnover with reported turnover
- Review credit notes, debit notes, advances and amendments
- Identify differences in tax rate, place of supply and tax treatment
Reconcile input-tax credit
- Compare purchase records, claimed credit and available statements
- Review reversals, blocked credits and timing differences
- Prepare clear explanations and adjustment workings
Complete the applicable annual filing
Use the reconciled figures and disclosure workings to prepare the applicable annual return and reconciliation statement. Confirm current-year instructions before filing.
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