As business owners and professionals we need to adopt the GST regime. GST has been introduced to avoid dual taxation, increase the scope of Cenvat credit and much more.
Few Action points for adoption of GST are as under:
- Migrate the Registration
- Classifying the transaction into Goods and Service and Place of Provision
- Get the tax rate of the goods and service
- Prepare the detail of Stock in hand
- Prepare the detail of Capital Goods in Hand
- Filing of form GST Tran-01 for claiming input held in stock
- Prepare the list of unregistered supplier (as on reverse charge basis tax to be paid by recipient)
- Maintenance of record of credit and debit note
- Preparation of necessary particulars to be included in Invoice
- Updating of GSTIN to Vendors and customers which will be different in different states.
- Upgrading or changing the accounting software
- Understanding place of supply for GST Impact
- Understanding sales policy including return of goods for GST impact
- Identification of HSN (Harmonized System of Nomenclature) / SAC (Service Accounting Codes) for all types of inputs/capital goods and services used in the business, required for sold to its customers.
- Ensure all un-availed/ un-utilized credits which are eligible under GST laws are carried forward through Excise, Service Tax & VAT Returns for the quarter/month ending on 30.06.2017.
- The assessee to ensure that there is no capital goods in transit on June 30, 2017, because capital goods CENVAT credit becomes eligible only when goods are received in the premises. There is no provision under GST, for claiming credit of capital goods which will be in transit during GST Rollout.
Disclaimer: This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.
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