- Businesses must submit a Letter of Undertaking (LUT) for zero-rated supplies by March 31, 2025, and comply with conditions under Rule 96A of CGST Rules regarding export timelines and payment receipt to ensure GST compliance for FY 2025-26.
- Eligible businesses should opt for the Composition Scheme by filing FORM GST CMP-02 before the start of the new financial year, while those with an aggregate turnover up to INR 5 crores can choose the Quarterly Return Monthly Payment (QRMP) scheme by April 30, 2025.
- Key compliance activities include reassessing aggregate turnover, ensuring proper invoicing and documentation, reconciling Input Tax Credit (ITC), and addressing any outstanding GST dues under the new Amnesty Scheme before the respective deadlines.
Source A2ztaxcorp
