Navigate the complexities of GST compliance with our comprehensive checklist for FY 2025-26. Ensure accuracy in filings and avoid penalties.
GST Checklist for a Seamless 2025-26 FY end Compliance
TDS/TCS Checklist for a Seamless 2025-26 FY end Compliance
FAQs on GST Year-End Compliance
Turnover and Tax Liability
Ensure that your turnover and tax liabilities are accurately reported and reconciled.
Reconcile turnover reported in GSTR-1 and GSTR-3B with your books.
Amend any discrepancies in GSTR-1 or GSTR-3B by March 2026.
Ensure e-Way bills and e-invoices match sales records.
Verify tax paid on advances received against services.
Input Tax Credit (ITC) Availed and Utilised
Maximize your ITC claims by ensuring all eligible credits are availed and reconciled.
Reconcile ITC in your general ledger with the electronic credit ledger.
Review expense ledgers for missed ITC claims, such as GST on bank charges.
Ensure ITC claimed matches GSTR-2B and reverse any ineligible claims.
Liability under Reverse Charge Mechanism (RCM)
Ensure all RCM liabilities are accurately calculated and paid.
Identify RCM liabilities from services like security and advocate services.
Reconcile RCM payable ledger with RCM paid during the year.
Ensure RCM is paid for all applicable transactions.
Tax Deposited and Closing Balances
Verify that all taxes are deposited correctly and closing balances are accurate.
Reconcile outward taxes in GSTR-1 with GSTR-3B.
Ensure tax liability under RCM is deposited in cash.
Verify closing balance of electronic cash and credit ledger.
Unique Series of Documents
Maintain a unique series for all GST-related documents to ensure compliance.
Ensure invoices, credit notes, and debit notes have a unique series.
Verify that all document series are sequential and complete.
Check for any missing or duplicate documents in your records.
TDS Compliance
Ensure all TDS obligations are met for the financial year.
Verify TDS deductions are made at the correct rates.
Ensure timely deposit of TDS by the 7th of the following month.
Reconcile TDS certificates (Form 16A) with the deductions made.
TCS Compliance
Ensure all TCS obligations are met for the financial year.
Verify TCS collections are made at the correct rates.
Ensure timely deposit of TCS by the 7th of the following month.
Reconcile TCS certificates with the collections made.
Form 26AS Reconciliation
Reconcile your TDS/TCS statements with Form 26AS.
Ensure all TDS/TCS entries are reflected in Form 26AS.
Rectify any discrepancies between Form 26AS and your records.
Follow up with deductors/collectors for any missing entries.
Quarterly TDS/TCS Returns
Ensure timely filing of quarterly TDS/TCS returns.
File quarterly TDS returns using Form 24Q and 26Q.
File quarterly TCS returns using Form 27EQ.
Ensure returns are filed by the due dates to avoid penalties.
What is the deadline for filing GSTR-9 for FY 2025-26?
The deadline for filing GSTR-9 for FY 2025-26 is 31st December 2026. Ensure all annual return details are accurate to avoid penalties.
How can I rectify errors in GSTR-3B for FY 2025-26?
Errors in GSTR-3B for FY 2025-26 can be rectified by filing amendments in subsequent returns before March 2026. Ensure all corrections are accurately reflected.
What is the penalty for late filing of GSTR-1?
The penalty for late filing of GSTR-1 is ₹200 per day (₹100 each for CGST and SGST) up to a maximum of ₹5,000. Timely filing avoids these penalties.
Can ITC be claimed on capital goods sold during the year?
ITC on capital goods sold during the year must be reversed as per GST rules. Calculate the reversal amount based on the sale value and GST paid.
Is ITC available on GST paid under RCM?
Yes, ITC can be claimed on GST paid under RCM, provided the goods/services are used for business purposes and the supplier has filed GSTR-3B.
How to handle ITC reversal for non-payment within 180 days?
ITC must be reversed if payment to the supplier is not made within 180 days. Reclaim ITC once the payment is made, ensuring compliance with Rule 37.
What documents are required for GST audit?
Documents required for GST audit include GSTR-1, GSTR-3B, GSTR-9, e-Way bills, invoices, ITC ledgers, and reconciliation statements. Ensure all records are complete and accurate.
How to ensure compliance with the e-Invoicing mandate?
Ensure that all invoices are generated through the e-Invoicing system if your turnover exceeds ₹10 crore. Verify that IRNs are generated and reported correctly.
What is the impact of not filing GSTR-9C?
Non-filing of GSTR-9C, applicable for turnovers above ₹5 crore, can lead to penalties and scrutiny. Ensure timely filing to comply with audit requirements.
How to claim ITC on imports?
ITC on imports can be claimed using the Bill of Entry. Ensure the IGST paid is reflected in the electronic credit ledger and reconciled with GSTR-2B.