Millions of traders migrating to GST from current tax regime like excise,service tax and VAT are currently undergoing stress.The biggest concern is the old goods lying in the store and warehouse, on which the input tax of the taxes paid is to be taken in the new tax regime.

Create a separate file of unsold stock till June 30, and keep the purchase bill, bill of entry and excise paid documents ready. If any of these stock is one year old, then remove it and sell it to the tax invoice within the state, even if you have to pay a  little bit of discount. He says that keep your stock in different categories. The goods purchased in the locality will get input  credit in SGST. To get the credit of CGST, make separate list of duty paid and non-duty paid stock.If there is any kind of mismatch in your Purchase report, fix it before June 30 and revise VAT returns. Also make sure that the statutory forms like C-Form, H-form, I-Form have been collected.

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Qualification: CA in Practice
Location: Delhi, New Delhi, IN
Member Since: 20 Jun 2017 | Total Posts: 1
GST Consultant and speaker View Full Profile

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  1. Akansha puri says:

    While people have been mopping over the price rise due to GST, they forget that not everything is going to be expensive; example medicines. It is an unexplored market for users.

  2. K.Chandra Sekhar says:

    Please refer to the Frequently asked questions and answers given in web site — GST-MyGst-FAQ. You will find the reply to all your questions.
    Invoices details to be uploaded can be prepared in offline mode initially and can be uploaded when GSTR-1 is filed

  3. Pawan bhutra says:

    I have some confusion kindly help me out :
    Suppose I am a small business man and has 30 lacs annual turnover. Will I require to issue a specific formated invoice or as per my existing invoice ??
    Suppose I don’t have electronic system then how will I pay output GST and claim Input tax credit ??
    Will I require to upload all the invoice copies on gstn portal on real time basis ??
    Will I require to appoint an permanent accountant ?

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November 2020