GST Get Set Go!!!

Finalize your books of accounts for 31stMarch 2017.

Prepare detailed working of the Closing stock for the date 31st March 2017 and for the period April 2017 to June 2017.

Allocate stock into inputs, semi-finished goods and finished goods in terms of quantity and value.

Correct pending mismatch reports.

If necessary, revise returns filed for correcting the mismatch data.

Ensure filing of all the returns for the period Jan 2017 to June 2017.

Return for the period ending with 30thJune 2017 should not be revised.

Ensure collection of all the C Forms / F Forms / H Forms and I Forms.

Obtain GSTN of your suppliers and buyers. Also inform your GSTN to the suppliers and buyers.

Make chart of HSN codes and GST rates applicable on supply of goods and services.

If GST rate is higher than the present tax rate then old stock should be disposed off immediately.

If GST rate is lower that the present tax rate then maintain proper details of the stock in hand.

Credit of State tax (VAT or Entry Tax) will be carry forward as SGST and credit of Central tax (Excise or Service Tax) will be carry forward as CGST.

Declaration for claiming input tax credit needs to be submitted within 90 days of the appointed day i.e. till 28th September 2017.

Provisional ID number is GSTIN (Goods and Service Tax Identification Number)



Special points to ponder for traders availing of credit of Excise duty

Prepare detailed calculation of stock with identification of the same with the relevant invoices.

In case of availability of Excise duty paying document, identify the stock to the relevant excise invoices.

In absence of Excise duty paying document either obtain Credit transfer document form the manufacturer or avail of 60%/40% credit of central tax paid thereon.

Stock older than one year (purchased before 1st July 2016) from the appointed date should be separately identified.

Stock older than one year (purchased before 1st July 2016) should be dispose off immediately.

Stock should be cleared within six months from the appointed day to avail credit i.e. till 31st December 2017.



GST Implementation and post GST preparation

Train the staff and take assistance of your consultant in GST implementation and preparation of details.

Maintenance of separate details for Tax Invoice, Debit Note, Credit Note, Receipt Voucher, Refund Voucher and Bill of Supply for GST purpose. These documents can be different from the invoices, challan and debit/credit notes maintained for accounting purpose.

On every intra-state transaction CGST and SGST shall be charged together. On every inter-state transaction IGST shall be charged.

Ensure timely receipt of stock and invoices related to it and timely compilation of all the buying and selling.

Timely filing of returns –

Return Form

Details

Due date

GSTR – 1

Monthly Outward Supply details / Details of sale of goods/ Details of service provided

By 10th of the next month

GSTR – 2

Monthly Inward Supply details / Details of purchases/Details of services received

By 15th of the next month

GSTR – 3

Monthly return

By 20th of the next month

GSTR – 4

Quarterly Return to be filed by the composition dealers

By 18th of the next month.

Delay in filing of return calls for late filing fees of ₹ 100 per day in CGST Act and ₹ 100 per day in SGST Act till the filing of return subject to a maximum of ₹ 5000.

Filing of return mandatorily required payment of tax.

Do not deal with the buyers or suppliers who are not complying with the provisions of GST.

Advances received will also be chargeable to tax.

Manner of utilization of credit.

Input Tax Credit

Order of Utilization of Credit

CGST

First towards CGST

Balance towards IGST

SGST

First towards SGST

Balance towards IGST

IGST

First towards IGST

Then towards CGST

Balance towards SGST



CGST stands for Central Goods and service Tax, SGST stands for state Goods and Service Tax and IGST stands for Integrated Goods and Service Tax