Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 19-6-2017 – GST Get Set Go!!! Finalize your books of accounts for 31st March 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 30th June 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
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d 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
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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 Bal
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