The last few days of the financial year are crucial for settling many tasks related to GST. Deadline for multiple Compliance including joining the composition scheme from April 1, 2019, continuing zero-rated exports under the Letter of Undertaking, GST Returns before October 2018, Without Letting Fill Fees, Job Work ITC, GST TDS 31 March is. Apart from this, the traders have to take care of this timeframe to revive their income tax returns or to pay advance tax.The government had recently increased the turnover limit from Rs one crore to 1.5 crore for the composition scheme, which will be effective from 1st April, 2019. If a trader’s turnover is less than 1.5 crore in 2018-19 or is expected to live, then he will have to file the GST Form comp -2 online for the next financial year to work as a composition dealer till March 31, 2019. Those who have not filled the last GST returns till now, they can file GST-1 and 3B till October 2018 without the fees of 31 March. After this, the filing fee will be levied.
The deadline for March 31 for exporters is also important. GST Consultant told that exporters have to file aliases for exports without payment of IGST. The Elioti released for the year 2018-19 will expire by March 31 and the new aliooty will be released for the next financial year. So keep in mind the date. To claim input tax credit on job work, it will also have to fill ITC 04 by March 31. Since most of the major jobs have been processed for months, so far its filing has been very low and the government is raising the debt. Since October 2018, the returns of applicable GST TDS are also to be filled by March 31. In the states where GST has notified the new threshold limit, businessmen can also inform the department about estimating their turnover from April 1 to stay or stay in GST.
In the case of income tax, the traders will have to do many compliances till March 31. In addition to returns and revised returns of FY 2017-18, the revised returns of the financial year 2016-17 can also be up to 31. In addition to Advance Tax or Donation Deadlines for the financial year 2018-19, this is also the last date for linking the basis of bank and PAN.