Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 23-3-2018 – The first financial year of GST regime is coming to an end next week on 31.03.2018. This is also the year of transition or migration of old indirect tax regime (VAT, Service Tax, Central Excise and other taxes) into goods and services tax regime (GST). Accordingly, the current financial year 2017-18 is crucial for transitional events as well as carry forward of balances including input tax credit and various compliances which may have ramifications and monetary impact in future for tax payers. Here are few events which ought to be verified, documented and suitable action taken: Re-check all due dates and compliances as dates for payment, filing etc were extended
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nd. This is more important in case of Government contracts and continuous supply cases. The correctness of input tax credit and transitional credit may be ascertained by way of an independent or internal supervisory due diligence. If required, credit reversal may be done. Any adjustments in accounts, invoices etc can be done now before 31st March, 2018 so that all balances are correctly carried forward and books of accounts are clean of any past error / adjustment w.e.f. 1.4.2018. Proper inter-account / ledger reconciliations may be done. Verification and valuation of closing stock as on 31.03.2018 ought to be done Taxpayers should also ensure compliance with anti-profiteering law to avoid possible penal action, once books are closed. – Art
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