🌴 GST is finally coming on 1 July-2017.
🌴 Inform your GSTIN / ARN to all suppliers of Goods & Services.
🌴 Obtain GSTIN of all Suppliers/Vendors.
🌴 Start working to maintain quantity details of stock with value and invoices as on 30 June-2017 for claiming credit in GST.
🌴 Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
🌴 Intra-state supply (e.g. Delhi to Delhi Sales), say GST rate @5% Charge CGST@2.5% and SGST@2.5% in Invoice. If address of delivery to different state, then charge IGST.
🌴 Inter-state supply (e.g. Delhi to Gurgaon Sales), say GST rate @5% Charge IGST@5% in Invoice.
🌴 If purchase from un-registered dealer, then pay GST on reverse charge @ rate of goods/services.
🌴 Stock ageing be made to ascertain if any stock is more than 1 year old.
🌴 Make strict follow-up to Collect all the C forms/F Form/ I forms etc.
🌴 Formulate and ready the invoice proforma.
🌴 Take a note of the HSN codes and tax rates of the goods/ services dealing with.
🌴 Matching concept/ Reconciliation will be biggest time-consuming task in GST regime, so start connecting with your suppliers.
🌴 GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc. by 20th of next month or 18th of quarter.
🌴 Due Dates for uploading of Returns:
GSTR 1: 10th of Next Month
GSTR 2: 15th of Next Month
GSTR 3: 20th of Next Month
GSTR 4: 18th of Next Quarter (Composite Dealers)
GSTR 9: 31st December of Next F.Y.
🌴 GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.
🌴 Option of revising the return is not available in GST Regime.
🌴 A return furnished without payment of full tax due as per such return shall be treated as invalid return for allowing input tax credit in respect of supplies made by such person.
🌴 Input tax credit is eligible only after filing a valid GST return.
🌴 Plan and build a system for keeping the accounting records updated by every month end.
🌴 Under GST, every registered taxable person is required to maintain correct accounts of the following details at the principal place of business specified in the registration certificate: –
📒 Inward and outward supply of goods and/or services,
📒 Stock of goods,
📒 Input tax credit availed,
📒 Output tax payable and paid,
📒 Tax Invoice/Bill of Supply, Receipt Voucher, Payment Voucher, Refund Voucher, CN/DN,
📒 Electronic Credit Ledger, Electronic Cash Ledger, Tax Liability Register for easy reconciliation.
🌴 Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.
🌴 For Persons whose turnover during the financial year exceeds Rs. 2 crore is required to get the accounts audited by a Chartered Accountant and Submit a copy of the audited annual accounts and a reconciliation statement.
🌴 All above Invoices, Registers, Cash/Bank Statement is required to file GST Return.
🌴 New Registration in GST will be commenced from 25th June.
🌴 Be in regular touch with your GST Consultant.
🌴 Pay special attentions for any Calls/ mails/ messages or communication of your GST Consultant/ Department.
Disclaimer: The above points applies to regular case. It doesn’t mean all the provisions of GST Act is covered. It may be cover some other point on a case to case basis.
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005