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CA M.K. Gupta

> GST will 100% be implemented on 01-07-2017*

> Types of taxation in GST*

• IGST : Integrated GST*

• CGST : Central GST which with replacement CST*

• SGST : State GST which will replace VAT*

> WEF from 25.6.17 : Migration towards enrollment of GST will continue till next 3 months

> Registration certificates will be issued online.*

> There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.*

> In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.*

> 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)*

> Be careful, everything in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.

 > Your firm rating will be done by the system. Based on the rating audit trials will be conducted.*

> Proposed rates of GST in percentage are 0, 5, 8, 12, 18, 28 & 40.

 > Most products MRP to come down.*

> All these categories which were not taxed will now be taxable: Replacements/ return goods, Barters, Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ?30000 & return back your old TV in exchange for ?4000, you have to pay tax on ?34000.*

>  All movements of material will be taxable like :

◊ Head office to branch office (stock transfer),

◊ factory to C & F agent,

◊ godown to shop.

>  The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers.

◊ For example if Kissan is selling Jam for ?150 &
◊ Patanjali is selling the same Jam for ?120.
◊  (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ?150.*

> All books & records to be maintained on daily basis.*

> If your vendor does not upload his bills within 180 days , you will not get tax credit.*

> All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.

> Your Vat credit will not be carry forwarded to GST.*

> Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date.

>  Allocate your such stock into quantative mode.

> Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & verify them from your books.

> Rectify *Mismatch Reports of Purchases *, if persists .

> Revise your Vat Returns if point no.4 applies to you.

> 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.

> 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.

> Classify stock tax rate wise, purchased locally to get ITC into SGST.

> Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.

> Inform your GSTIN / ARN to all suppliers of Goods & Services.

> Obtain GSTIN of all Suppliers & Buyers.

> Apply for migration in all states if you have centralized registration under Service Tax.

> Train your accountants for GST accounting and returns formats.

> Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold

> Analyse P and L and see which expenses are liable to RCM

> 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

> If you are planning to generate, invoices through any Software, do align with Software Consulting firm.

> And Get approved the Draft from your GST Expert.

> Use only original Softwares for Accounting & Invoicing purposes.

> Pl pay special attentions for any Calls, mails, messages or communication of your GST Consultant/ Department.

> Make a practice to Upload your Sales / purchases on regular basis at GST Portal3

 > GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc.

> Penalty Provisions for non-submission of GST returns: Rs 100/- per day but subject to max. Rs.5000/- in each acts.

> Penalty Provisions for non-submission of Annual Return is 0.25% of Annual Turnover.

> Option of revising the return is not available in GST Regime but you can modify your uploaded data by Debit & Credit Notes.

> Every Normal Dealer filing GSTR 1 -3 required to submit Annual Return in GSTR 9 by the due date.

> Late filing would be permitted on payment of late fees only.
Hence late filing of return will not be possible without payment of fees.

> 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.

> Input tax credit is eligible only after filing a valid GST return.

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One Comment

  1. dhanpat sharma says:

    sir we manufactucturing Rice and Flour mill machinery our HSN code is 8437 still.
    in this regard how many tax is aplicale on GST rate in Machinery of Rice and Flour mill Machinery & parts

    thanking you

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April 2024