2024-25会計年度末（2025年3月31日）までに留意すべき事項｜第1部

As the last date of the Financial Year 2024-25 is approaching, it is imperative for every business to undertake various measures to ensure the seamless operation of their activities and to maintain legal compliance. Businesses need to take care of various aspects such as payments to MSMEs, Filing of forms and declarations with the authority, etc. before the commencement of the new financial year.

Following are the key action points that need to be taken care of before the end of the Financial year:

1. Payment to MSME for claiming deduction under Section 43B(h) of Income Tax Act, 1961:

• As per Section 43B(h) of Income Tax Act, 1961, any entity liable to make payment to Micro and small enterprises (SME) (Not Medium enterprises) shall make the payment before the due date specified under Section 15 of MSME Act to claim deductions under Section 43B(h) of Income Tax Act.

• If any sum is payable to the MSE at the end of the financial year and payment of such amount is made beyond the due date, as specified under MSME Act, then deduction for expense shall be allowed during the year in which payment is made.

• Following are the due dates of making payment under MSME Act:

‍

• Any addition under Section 43B(h) can result in huge Income Tax liability. Therefore, it is suggested to clear the due before the specified due date for claiming deductions. 

2. Filing of Letter of Undertaking for export of goods without payment of IGST

• Under Goods and Service Tax, the exporter is allowed to export goods or services without payment of IGST subject to filing of Letter of Undertaking (“LUT”) with GST authorities. If any export is made without filing of LUT, then the exporter is liable to pay IGST on export of goods and services.

• A separate LUT is filed for every financial year. Therefore, as the new Financial year is about to commence, the exporters are required to file a new LUT before 31st March, 2025 for FY 2025-26.

• LUT can be filed post login at the GST portal by furnishing details of two witnesses. LUT is not required to be accompanied with any Bank Guarantee. 

Read Also: Points to be taken care of before the end of Financial Year 2024-25, i.e., 31st March 2025| Part-2

3. Furnish Annexure-V by Goods Transport Agencies (GTA)

• In earlier years, the GST on GTA services was payable under Reverse Charge Mechanism, i.e., GST was required to be paid by the service recipient under RCM.

• However, the GTA provisions have undergone a drastic amendment with effect from 18th July, 2022. Post July, 2022, the GTA was given an option to pay GST under Forward Charge or Reverse Charge Mechanism. However, to exercise this option, the GTA is required to furnish a declaration in Form Annexure-V.

• Annexure-V can be filed post login at GST portal. Accordingly, the GTA shall have the following options under Annexure-V:
  • Payment of GST under Forward Charge Mechanism;
  • Payment of GST under Reverse Charge Mechanism;

• If the GTA opts for payment of GST under Forward charge, then GST can be charged at either of the following Rates:
  • 5%: No ITC of Inward supplies shall be available to the GTA;
  • 12%: ITC of inward supplies shall be available to the GTA

• Option can be opted by filing a declaration in Annexure-V post login on the GST portal. Such annexure is to be filed before 31st March, 2025 for FY 2025-26.

4. Filing of Pending Form GSTR-9C upto FY 2022-23

• There are many taxpayers who have filed form GSTR-9 but did not file Form GSTR-9C. So, the GST Department has opened an amnesty scheme for filing of pending Form GSTR-9C up to FY 2022-23 up to 31st March, 2025.

関連記事： 第55回GST評議会会議の提言｜GST税率の変更と明確化

• 2025年1月23日付の通知第08/2025-Central Taxに基づき、政府はGSTR-9Cの申告にかかる遅延損害金について以下の免除措置を講じました：
  • 2022-23年度までの任意の会計年度における完全な年次申告書（GSTR-9およびGSTR-9C）の提出遅延に対する遅延損害金が免除されます。これは、FORM GSTR-9の提出日までに支払うべき遅延損害金に上乗せされるものです。
  • 免除を受けるための条件として、2022-23年度までの未提出のGSTR-9Cをすべて2025年3月31日までに提出する必要があります。

例：2020-21年度の場合、

5. 節税のための投資

所得税法に基づき、節税のみを目的とした投資は数多く存在します。しかし、税制上の優遇措置を受けるためには、投資を行う時期が極めて重要です。年度末が近づいているため、すべての納税者は節税のための投資や寄付などの支払いを2025年3月31日までに完了させる必要があります。

2025年4月1日以降に行われた支払いは2025-26年度分とみなされ、2024-25年度の納税額の軽減には役立たない可能性があります。

結論：

The date is of paramount importance under legal statutes, and any actions undertaken after this specified date may lead to penalties or the forfeiture of benefits. Consequently, taxpayers must complete a range of necessary actions prior to March 31, 2025, in order to secure deductions and avoid penalties.