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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Sir
Till when we can upload stock as on 30 June 2017 ?
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.
GST certification course is conducting in Bengaluru? If yes … please provide the details…
Please refer to the Frequently asked questions and answers given in web site cbec.gov.in — 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
KCS
Sir,
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 ?