Key takeaways
What this article covers, in order:
- The deadlines that really are 31 Mar 2027
- Clean up input tax credit while the trail is fresh
- Check your aggregate turnover against three lines
- Should you change your filing frequency?
- Credit notes and corrections for the year
- Make sure nothing is unfiled
The last fortnight of every financial year looks the same in most offices: the CA wants the stock figure, the auditor wants ledgers, a big customer wants a credit note "dated this year, please", and GST quietly gets pushed to the new year's first month. That's a mistake, because a handful of GST decisions are tied to 31 Mar 2027 and can't be taken afterwards. This checklist covers what to sort out for FY 2026-27 before that date, plus a few things that look like year-end jobs but actually have later deadlines.
We'd suggest starting in Feb 2027. Not on 29 Mar 2027.
The deadlines that really are 31 Mar 2027
These are the ones where missing the date costs you a full year.
| Task | Why the date matters | Form |
|---|---|---|
| Furnish LUT for FY 2027-28 if you export | Without an accepted LUT, exports from 1 Apr 2027 need IGST paid upfront | RFD-11 |
| Opt into composition for FY 2027-28 | Has to be filed before the year begins | CMP-02 (plus ITC-03) |
| Lock FY 2026-27 invoice series | GST expects a unique series per financial year | Your invoicing system |
| Year-end stock count | Lost, stolen or destroyed goods need ITC reversal | Through GSTR-3B |
If you export and you've been relying on last year's LUT, note that it lapses on 31 Mar 2027. Shipments in the first week of Apr 2027 without a new one are taxable upfront. Filing a fresh LUT takes about fifteen minutes on the portal, so do it in Mar 2027.
On composition: if you've decided regular GST isn't worth the effort for a small consumer-facing shop, the window to switch for FY 2027-28 closes on 31 Mar 2027. Going the other way, from composition to regular, can be done during the year, but it's tidier at a year boundary.
Clean up input tax credit while the trail is fresh
ITC is where year-end mistakes get expensive. Sanjay runs a hardware distribution business in Ludhiana, and every year he finds the same three problems in the last month of the year. They're common enough to walk through.
Bills in your books that never showed up in GSTR-2B. Usually the supplier filed late, filed under the wrong GSTIN, or treated the sale as B2C. Chase them now, while they still remember the invoice. Credit for FY 2026-27 can be claimed only up to 30 Nov 2027 (or the date you file GSTR-9 for the year, if that's earlier), so you have time, but suppliers get slower the older the bill gets.
Suppliers you haven't paid in 180 days. If you've claimed ITC on a bill and haven't paid the supplier within 180 days of the invoice date, the credit has to be reversed, with interest, and can be reclaimed once you pay. Run an ageing report on payables and look for anything older than six months with credit already claimed.
Common credits for exempt and taxable supplies. If part of your business is exempt (some agri goods, say, or rental of residential property), the year's common credit needs a final annual calculation. That final figure can go in a return after year-end, but the working is far easier to do while the year's numbers are in front of you.
Also remember goods written off. If your stock count shows ₹70,000 of damaged or missing items, the ITC on them has to be reversed. It's annoying. It's also exactly what auditors and officers look for.
Check your aggregate turnover against three lines
Pull your aggregate turnover for FY 2026-27 across every GSTIN under your PAN, and compare it with these three lines.
₹2 crore. Above this, GSTR-9 for FY 2026-27 is mandatory (due 31 Dec 2027). Below, it's optional.
₹5 crore. Cross this in FY 2026-27 and e-invoicing applies to your B2B invoices from 1 Apr 2027, for good. Your billing system needs to be ready on day one. Crossing ₹5 crore also takes you out of QRMP, so monthly returns.
₹10 crore. At this level you must report e-invoices within 30 days of the invoice date.
If you're close to a line, say ₹4.8 crore by Feb 2027, talk to your CA about what it means rather than finding out in Apr 2027.
Should you change your filing frequency?
If you're under ₹5 crore, you can choose between monthly returns and QRMP for each quarter. The window to change your option for the Apr–Jun 2027 quarter runs from 1 Feb 2027 to 30 Apr 2027. If your business buyers have been complaining that your invoices show up late in their 2B, monthly filing or QRMP with IFF might be worth it. If you've been filing monthly for a handful of B2C sales, QRMP could save you sixteen returns a year.
Credit notes and corrections for the year
You can issue credit notes for FY 2026-27 supplies and amend FY 2026-27 invoices up to 30 Nov 2027 (or until you file GSTR-9, if earlier). That's later than people think, so there's no need to backdate anything in a panic on 31 Mar 2027. Issue the credit note with today's date and link it to the original invoice. Backdating is the one thing you genuinely shouldn't do.
Make sure nothing is unfiled
Look at your return status on the portal for every GSTIN and every period. An unfiled GSTR-1 or GSTR-3B from earlier in the year will block GSTR-9 later. Also, returns become time-barred three years after their due date, so any truly old gaps from FY 2023-24 need attention soon.
Set up FY 2027-28 properly
Start a fresh invoice series on 1 Apr 2027 (INV/27-28/001, or whatever pattern you use). Check HSN codes and rates on your item master, especially if you haven't reviewed them since the rate changes of 22 Sep 2025. Update your customer list for any GSTIN changes, and set up e-invoicing if you crossed ₹5 crore.
The full checklist
- [ ] LUT for FY 2027-28 filed (exporters)
- [ ] CMP-02 filed if moving to composition for FY 2027-28
- [ ] Stock counted; ITC reversed on lost, stolen or destroyed goods
- [ ] Bills missing from GSTR-2B chased with suppliers
- [ ] Payables over 180 days with ITC claimed reviewed for reversal
- [ ] Common credit working prepared if you have exempt supplies
- [ ] Aggregate turnover checked against ₹2 crore, ₹5 crore and ₹10 crore
- [ ] E-invoicing ready for 1 Apr 2027 if you crossed ₹5 crore
- [ ] QRMP or monthly choice reviewed for the Apr–Jun 2027 quarter
- [ ] All GSTR-1 and GSTR-3B for FY 2026-27 filed for every GSTIN
- [ ] New invoice series and item master ready for FY 2027-28
If your year involved restructuring, a new state, or a large exempt business line, have your CA review the list with you. Some of these items have conditions we've only touched on.
How HelloBooks helps
HelloBooks Free keeps your FY 2026-27 sales and purchases in one place and files GSTR-1 and GSTR-3B for one GSTIN directly to the GST portal. The GSTR-2B reconciliation shows you which bills are missing from 2B so you can chase suppliers in Mar 2027, not Dec 2027, and AP ageing makes the 180-day payables check quick. Free includes up to 200 transactions a year and 2 users, and your CA can be invited into the same books for the year-end review. If you'll need GSTR-9 for FY 2026-27, or you crossed ₹5 crore and need e-invoicing from 1 Apr 2027, those are on Pro (₹499/month). See the pricing page, the GSTR-2B reconciliation flow, and e-invoicing.
FAQs
What's the last date to claim ITC for FY 2026-27?
30 Nov 2027, or the date you file GSTR-9 for FY 2026-27 if that's earlier.
Do I need a new LUT every year?
Yes. An LUT covers one financial year. For exports from 1 Apr 2027, furnish a fresh LUT for FY 2027-28.
Can I still issue a credit note for an FY 2026-27 sale after 31 Mar 2027?
Yes, up to 30 Nov 2027 or your GSTR-9 filing date, whichever is earlier. Date it when you issue it; don't backdate.
I crossed ₹5 crore in FY 2026-27. What changes?
E-invoicing applies to B2B invoices from 1 Apr 2027, and you're no longer eligible for QRMP, so you'll file monthly.
When do I switch to composition for next year?
File CMP-02 before the year starts, so by 31 Mar 2027 for FY 2027-28.
Do these in Feb 2027 and Mar 2027, and Apr 2027 becomes a normal month instead of a clean-up month.
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