Year End Requirements

As the financial year 2017-18 is coming to an end, there are certain statutory requirements which need to be addressed within 31.03.2018. Among them the below mentioned requirements should be taken care on priority basis:

1. Stock verification 

Ensure that the physical verification of raw materials, work-in-progress and finished goods has been carried out for the year ending 31.03.2018 on or around 31.03.2018 as per your convenience. Prepare the list of raw materials/packing materials/ work in process/ semi -finished goods – inventory/finished goods as per the books and compare it with the physical verification of the items so verified.

2. Goods and Service Tax 

• 31^st March 2018-  Filing of GSTR-6 (applicable for input service distributor) for the months July 2017 to February 2018

• Letter of Undertaking (LUT) which was obtained in the last year is valid only till 31^st March 2018 and the same has to be renewed for the FY 2018-19 by filing separate application.

• Suppliers who have taken the “deemed GST credit” should file the TRAN-2 on or before 31.3.18 ( detailed notification is attached herewith)

• E Way bill will be commenced from 1.4.2018 for the movement of notified goods where the value of such notified goods is more than Rs.50,000. ( detailed notification is attached herewith)

3. Income Tax Act, 1961 

• Filing of belated / revised Income Tax Returns for Assessment Year 2016-17 and Assessment Year 2017-18

• Filing of Form 3CEAA [Part A applicable for all entities who have filed Form 3CEB and Part B(Master file)], if applicable, for the Financial Year 2016-17

• Filing of Form 3CEAD [Country-by-Country Reporting] for Financial Year 2016-17 if the parent entity or the alternate reporting entity is resident in India.

4. Companies Act 2013: Condonation of delay scheme 2018 allowing defaulting companies to file their overdue documents which were due for filing.

5. Tax Deduction at Source 

• Ensure that the tax deducted/to be deducted on all payments is deposited on or before the due date.

Please review all the expenses incurred including provision for expenses for the applicability of TDS provisions. For all the expenditure (which attracts TDS) incurred for the month of March 2018, TDS has to be deducted and deposited within 30^th April 2018.

Kindly note that if the above conditions are not fulfilled, then the entire expenditure for which TDS was applicable cannot be deducted for computation of tax liability. It also attracts interest at the rate of 1%/1.5% per month or part of the month from the due date till the date of payment.

6. Micro, Small and Medium Enterprises Development (MSMED)

The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED 2006), which provides for facilitating the promotion, development and enhancing the competitiveness of micro, small and medium enterprises has come into force from October 2, 2006.

As per this Act, all the business entities supposed to have their Vendors (creditors) classified as vendors registered with MSMED and non-registered with MSMED Act 2006.

As per this Act, all the business entities which are liable for audit under any of the statutes in India are required to give this information to their auditors.

Also as per Schedule III of the Companies Act, 2013, companies are required to make certain disclosure pertaining to the Vendors registered under the MSMED Act, 2006. Please obtain your creditors’/services providers’ MSMED status in writing with the copy of the registration under MSMED Act, 2006, if they are registered.

To view Notification – click here