Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 18-5-2017 – As we all know, filing of numerous returns in the GST regime will be a cumbersome task which will be essential for claiming input tax credit because credit availment requires matching of outward supplies of the supplier and inward purchases of the purchaser on online portal. The task will be tedious for large sized companies which will require them to develop software for generation of utility reports that will aid and assist in filing returns. Following are the key areas that need attention while developing software for generating reports that are useful for filing returns:- Since the assessee has the option to take single registration for business verticals within a
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a scenario, specific reference of purchase order should be given against each advance received so that the tax paid on the advance could be adjusted during the issuance of invoice for the same. The accounting for advance receipts will be required to be done party wise on FIFO basis. Another significant area of concern is giving effect of debit notes and credit notes. Although, there is no problem in giving effect of debit notes issued by supplier of goods because that will lead to increase in tax liability which will not be objected by the revenue department. However, the effect of credit notes issued is to be given only if there is reduction in tax liability and consequential reduction of input tax credit by the receiver of goods. Hence,
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