Step By Step guide to work under GST under transition phase.
List to activities you need to know for GST.
Return, records, process and planning for GST.
1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date.
2. Allocate your such stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.
4. Rectify *Mismatch Reports of Purchases *, if persists .
5. Revise your Vat Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms.
7. Get your Books Finalise for FY 2016-17
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you .
18. Analyse P and L and see which expenses are liable to RCM.
19. Be in regular touch with your GST Consultant .
20. Kindly Place the order to your printer for * Draft Format *of Tax Invoice/ Bill of Supply/ Debit – Credit Note etc ( as applicable to your business )
21. If you are planning to generate , invoices through any Software , do align with Software Consulting firm.
22. And Get approved the Draft ( pt no. 20-21) from your GST Expert.
23. Use only original Softwares for Accounting & Invoicing purposes.
24. Pl pay special attentions for any Calls, mails , messages or communication of your GST Consultant/ Department.
25. Make a practise to Upload your Sales / purchases on regular basis at GST Portal
26. GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc.
27. Due Dates for uploading of Returns :
GSTR 1 : 10th of Next Month
GSTR 2 : 15th of Next Month
GSTR 3. : 20th of Next Month
* ( For Regular Dealer ) *
GSTR 4. : 18th of Next Quarter * ( Composite Dealers ) *
GSTR 5 : 20th of Next Month * ( For Non Resident )*
GSTR 6 : 13th of Next Month *(Input Service Distributors)*
GSTR 7. : 10th of Next Month * ( For TDS Returns )*
GSTR 8. : 10th of Next Month *( E-Commerce Operators )*
GSTR 9. : 31st December of Next F.Y.
*(Registered Taxable Person)*
28. Penalty Provisions for non submission of GST returns : Rs 100/- per day but subject to max. Rs.5000/- in each acts.
29. Penalty Provisions for non submission of Annual Return is 0.25% of Annual Turnover .
30. Please Final the terms & remuneration of your GST Service provider before GST Implementation Date .
31. Option of revising the return is not available in GST Regime but you can modify your uploaded data by Debit & Credit Notes.
32. Every Normal Dealer filing GSTR 1 -3 required to submit Annual Return in GSTR 9 by the due date .
33. Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.
34. A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.
35. Input tax credit is eligible only after filing a valid GST return.
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