TaxTMI 
TaxTMI 
TaxTMI 
In continuation to the GST preparedness, following action points are required in order to do your business in compliance with the provisions of GST:
Preliminary
- Share GST Identification Number/ARN to all suppliers of Goods & Services.
- Ascertain HSN Codes, Service Accounting Codes & GST Rates related to business.
- Invoice must be in accordance with the Invoice Rules. [Tax Invoice (normal supply), Bill of supply (for composition dealer and non-GST supply), Receipt voucher (for advance receipt), Refund voucher(for refund of advance), Payment voucher (for RCM), Debit Note/ Credit Note]
- IT preparedness and Accounting software for filing of returns, generation of MIS reports etc.
Transition Phase
- Review of all the procurements for claiming of eligible credits for which credits not availed earlier.
- Return filing date for service tax is 15th of August, 2017. Therefore, it is important to bill your income which you have rendered till 30.06.2017 and filled the details in service tax returns.
- Identification of goods for which credit can be claimed. Claim the credit of such inputs in your VAT return.
- Credits in relation to inputs lying in stock need to be determined and may claim the credit in accordance with the section 140(3) of CGST/SGST Act, 2017 read with Rule 1(4) of the Transition Rules, 2017. It is important to note that benefit of credits is to be passed on to the customer.
- Credits of excise duty can be claimed by using Credit Transfer Document (CTD). Time limit for CTD is 30 days from the appointed date.
- Transitional Forms required to be submitted within 90 days from appointed date.
- Account for all purchase, sales, services and expenses upto 30.06.2017.
Advance
- ITC with respect to tax payable under Reverse Charge Mechanism (‘RCM’): Discharge Service tax liability within June 2017 to ensure availability and disclosure of related ITC in the month of June 2017 itself.
- Input/ Input services in transit: Ensure that all such transactions where tax has already been paid by vendors should be duly accounted for in books by 30th July 2017. It is important to note that this benefit is not available for capital goods in transit.
- Reclaim the reversed Input Service credit : Credit can be reclaimed if the payment is made to the supplier of service within 3 months from the appointed day.
- All goods and services supplied/ received in the month of June, 2017, it is advisable to raise invoice on or before 30.06.2017.
- Price revision in respect of existing contracts after considering the impact of GST.
!!!! WELCOME GST !!!!