1. Monthly 3 returns to be filed --> Outward-10th, Inward-15th and Consolidated-20th of following month.
2. Invoice wise data to be uploaded.
3. GST compliance rating score to be assigned - Scores to be placed on public domain.
4. Purchase from unregistered dealer - Purchaser to pay GST and claim as Input (ITC) - Reverse Charge.
5. One India one market - Seamless flow of input credit across India (Modality is a bit complex though).
6. GST applicable on Supply (even without consideration) - Inter state stock transfer also taxable.
What does the above mean:
1. Keep the books of accounts updated on daily basis; reconciliation with Debtors/ Creditors on weekly basis.
2. Your Trading account is with the Govt. on almost real time basis.
3. Know publicly the genuine business organisations (Compliance score) - Slowly the bad business practices will be eliminated.
4. The unorganized sector automatically is brought under GST. Only the transactions between unregistered person and final consumer will not be covered.
5. Adverse impact on C&F agents (as even stock transfer taxable & CST issue will go away).
6. Logistics planning to be critical for national level companies.
VK
CAclubindia
