GST Preparedness
By: – CASanjay Kumawat
Goods and Services Tax – GST
Dated:- 1-7-2017
In continuation to the GST preparedness, following action points are required in order to do your business in compliance with the provisions of GST:
Preliminary
* Share GST Identification Number/ARN to all suppliers of Goods & Services.
* Ascertain HSN Codes, Service Accounting Codes & GST Rates related to business.
* Invoice must be in accordance with the Invoice Rules. [Tax Invoice (normal supply), Bill of supply (for composition dealer and non-GST supply), Receipt voucher (for advance receipt), Refund voucher(for refund of advance), Payment voucher (for RCM), Debit Note/ Credit Note]
* IT preparedness and Accounting software fo
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ed on to the customer.
Credits of excise duty can be claimed by using Credit Transfer Document (CTD). Time limit for CTD is 30 days from the appointed date.
Transitional Forms required to be submitted within 90 days from appointed date.
Account for all purchase, sales, services and expenses upto 30.06.2017.
Advance
ITC with respect to tax payable under Reverse Charge Mechanism ('RCM'): Discharge Service tax liability within June 2017 to ensure availability and disclosure of related ITC in the month of June 2017 itself.
Input/ Input services in transit: Ensure that all such transactions where tax has already been paid by vendors should be duly accounted for in books by 30th July 2017. It is important to note that this benefit is n
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