With GST knocking at the door, people are anxious, worried, queried how will things would turn out? With no clear ideas, no clear views. But the important thing amidst all things is that you need to be prepared, all geared up for GST.
The First Round, all set for the Transition Phase in GST. So here's a list of TO DO THINGS for you, that could help you to get GST READY!
1. Get a detailed working with quantitative details of your closing stock, till 30.6.2017 before GST implementation.
2. Finalise your books of accounts upto 30.06.2017 to ensure all credits have been taken into account.
3. Correct the mismatches in your return. If revised return needs to be filed, file it immediately.
4. Collect all your forms before July
5. Collect all tax documents for your closing stock to fill GST TRANS FORMS.
6. Do stock aging in order to get input tax credit for inputs in goods purchased within 12 months from 01.7.2017. and Sell it your sister concern where stock is older than 12 months, or try selling them off.
7. Get your invoice format ready.
8. Get HSN CODES for the products and services you would sale and circulate it.
9. Give your ARN to suppliers.
10. Materials sent to Job Worker locations can be returned with 6 months and no GST on the same would be leviable.
11. Analyze your Profit and Loss Account and also expenses which would be paid under RCM basis.
12. Compile document for all states where you would be getting registered.
These were a few gist of TO DO THINGS before GST implementation. Whenever something new is introduced into a system, it takes it own time to set, GST being one of the biggest indirect tax reform would take it own time, but surely would play a very crucial role and would boost India's economy in long run.