Summary
- Taxpayers must act swiftly as the October 2026 GST return cycle presents a crucial opportunity to rectify compliance issues for FY 2025-26 before the November 30 deadline.
- Key checks include reconciling purchase registers with GSTR-2B, reviewing pending sales credit notes, and ensuring supplier compliance under Rule 37A.
- The review should also address ITC reversals, RCM transactions, and inventory write-offs to avoid permanent losses and additional liabilities.
- Companies are urged to implement a GST closure tracker to prioritize actions and mitigate potential tax exposures before statutory cut-offs close.
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