Saturday 16 June 2018

3 important things you must do at the start of FY 2018-19

The 1st of April marks the beginning of a new financial year. This is a good time to look at important tasks you must do, to begin FY 2018-19 properly. Here are some of them -
  • Renew your LUT if you are an exporter
  • Review outstanding debtors and creditors
  • Start a new series of invoicing
Renew your LUT for the next financial year

Exporters making zero rates supplies have to furnish an LUT to the jurisdictional commissioner. An LUT is valid for one financial year. Therefore, LUT tendered in FY 2017-18 is valid until 31st March 2018.


Review outstanding debtors and creditors

To be able to claim input tax credit of an invoice, its payment must be made within 180 days. If the payment is not made, the credit taken on that invoice must be reversed. And whenever such payment is made credit may be taken then. By this logic, invoices issued before 1st October 2017 must have been paid by 31st March 2018. If not, you’ll have to reverse the input credit claimed. This requires proper ageing analysis of outstanding debtors and creditors. ClearTax can help you do this, so that your March 2018 GST Return is filed properly.


Start a new series of invoice

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