Best practices for a smooth transition into FY 2024-25
By CA Geetika Sethi, Tax Expert | Apr 3, 2024
A seasoned Chartered Accountant with experience over 6+ years in Compliance, Business Analysis and Product development in the domain of Indirect Taxation/GST with experience in GST implementation, Compliances , refund application, conducting GST audit and other related issues of indirect taxation
About the Webinar
As we welcome the new financial year 2024-25, enterprises across India are busy with the closure of books of accounts for FY 2023-24! Your team must conduct a year-end GST and General Ledger (GL) reconciliation to keep the FY 2024-25 data clean. The process involves a detailed comparison of GSTR-2A/2B with GSTR-3B and the purchase register/expense ledgers/GL and a comparison of the sales register with the filed GSTR-1/3B. Most importantly, your team must take timely actions by verifying the Input Tax Credit (ITC) claims eligible for the year and identifying any reversals of ineligible ITC. In the reconciliation process, teams can encounter several discrepancies or errors, which they must sort out while filing the monthly return for March or making necessary adjustments in the books. All these can get complicated if teams lack the awareness of GST laws and regulations amended during the year and how a particular discrepancy needs to be dealt with. Join the webinar, where our in-house tax expert will provide the best practices and solutions to navigate complexities in the annual closure of books as you step into a new financial year for a smooth transition.
Things we will discuss
Understanding GST compliance requirements
Importance of smooth transition to FY 2024-25 in GST
Decoding the best practices to begin FY 2024-25 compliantly
Closure of accounting records and GL reconciliation
Reconciliation and verification of input tax credit (ITC)
Dealing with discrepancies and errors
Common challenges and impact on financial statements
Legal and financial implications of any non-compliance
Tips for effective annual GST reconciliation
Impact on other compliance (Income tax, Companies law for accurate reporting)
Power of automation and Integrated Clear Solution for all tax compliance
QnA
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