GST-Get Set Go!!!!
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 19-6-2017<\/p>\n
GST Get Set Go!!!
\n * Finalize your books of accounts for 31st March 2017.
\n * Prepare detailed working of the Closing stock for the date 31st March 2017 and for the period April 2017 to June 2017.
\n * Allocate stock into inputs, semi-finished goods and finished goods in terms of quantity and value.
\n * Correct pending mismatch reports.
\n * If necessary, revise returns filed for correcting the mismatch data.
\n * Ensure filing of all the returns for the period Jan 2017 to June 2017.
\n * Return for the period ending with 30th June 2017 should not be revised.
\n * Ensure collection of all the C Forms \/ F Forms \/ H Forms and I Forms.
\n * Ob<\/p>\n
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\nSpecial points to ponder for traders availing of credit of Excise duty
\n\tPrepare detailed calculation of stock with identification of the same with the relevant invoices.
\n\tIn case of availability of Excise duty paying document, identify the stock to the relevant excise invoices.
\n\tIn 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.
\n\tStock older than one year (purchased before 1st July 2016) from the appointed date should be separately identified.
\n\tStock older than one year (purchased before 1st July 2016) should be dispose off immediately.
\n\tStock should be cleared within six months from the appointed day to avail credit i.e. til<\/p>\n
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\nGSTR – 1
\nMonthly Outward Supply details \/ Details of sale of goods\/ Details of service provided
\nBy 10th of the next month
\nGSTR – 2
\nMonthly Inward Supply details \/ Details of purchases\/Details of services received
\nBy 15th of the next month
\nGSTR – 3
\nMonthly return
\nBy 20th of the next month
\nGSTR – 4
\nQuarterly Return to be filed by the composition dealers
\nBy 18th of the next month.
\n\tDelay 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.
\n\tFiling of return mandatorily required payment of tax.
\n\tDo not deal with the buyers or suppliers who are not complying with the provisions of GST.
\n\tAdvances rece<\/p>\n
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