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HOW TO GET READY FOR GST |
In our constant endeavour to update you regarding GST, today we provide you information on how to get ready for GST:
1. Apply for migration in all the states in which you have place of business / profession.
- Finalise your Books for F.Y. 2016-17 covering the following:
- Collect C-forms/H-form/ I-forms from all the parties.
- Get an account statement from your suppliers / creditors for the year ended 31/3/2017 & reconcile them with you books of accounts.
- Prepare Mismatch Reports of Purchases / service Inward, if persists.
- Revise VAT / Service Tax Return in case of point (c) applies.
- Analyse Profit & Loss Account and see whether any expenses are liable to RCM. Deposit the taxes on same before 30.06.2017.
- Maintain Proper Stock with Invoices considering the following:
- Quantitative detail of Stock as on 31.3.2017 & 30.6.2017 (before the date of GST Implementation).
- Maintain separate file of Purchase Documents for stock lying as on 30.06.2017. (e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.)
- Classify Stock-
- Prepare Ageing detail of stock - to ascertain whether any stock of one year old is lying with you.
- No Input Tax Credit will be available for stock lying for more than 1yr from Date of purchase.
- Dispose-off old stock (held for more than 1 year) immediately or sell it to your sister concern against Tax Invoice locally.
- Classify stock purchased locally to get ITC into SGST.
- Classify stock purchased on invoices bearing Excise Duty Payment & non duty payments to get ITC transferred to CGST.
- Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & sold.
- Obtain GSTIN of all Suppliers & Buyers & also inform your GSTIN / ARN to all suppliers of Goods & Services.
- Obtain GSTIN of all Suppliers & Buyers & also inform your GSTIN / ARN to all suppliers of Goods & Services.
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