Please review working of 15 days GST (1/7/17 to 15/7/17) this is related to Bills of Supply to Clients/customers & Purchases from Registered & un-Registered Suppliers:
A. LOOK ON CURRENT REQUIREMENT OF GOVT.:

1. GSTR 3B – Summary Return for computation of Tax liability for the month of July 2017 (Income Bills/Purchase Bills) on or before 20th Aug 2017 (Attached)

2. Tax to be deposited before filing GSTR 3B for the month of July 2017

3. Detailed information on Bills of Supply & Purchases will be submitted in GSTR 1 & GSTR 2 on or before 5th Sep & 10th Sep 17 respectively for July 2017.

4. From 24th July window for bills up-load is going to be active and you can up load your bills daily, weekly etc. to avoid last time rush.

To sum up:
1.Output Supply value on regular supply in July 2017
Add:
2. dues on RCM purchase from unregistered dealer more than Rs 5000/ in a single day from single supplier or on advocate/ GTA bills etc
3. Advance received but goods or service is pending to supply till 31/07/2017
Less:
4. ITC c/f if you have filed ITC TRAN 1 before it
5. ITC calculated for current purchases = Net liability to be paid on or before 20th Aug 17.
Remember RCM paid in July can be claimed in Aug 2017 return because first you have to pay then you can claim from Govt.

THEREFORE NOT ONLY GSTR 3B IS REQUIRED BUT TAX FOR JULY ALSO HAS TO BE DEPOSITED ON OR BEFORE 20TH AUG.

 B. WHAT YOU SHOULD REVIEW (for pan-India operations): 

1. Your VAT returns on pan-India or their calculation if it has not filed yet (for 1/4/17 to 30/6/17)

2. Your Service Tax return centralized (if you are centrally registered) other wise simple return (for 1/4/17 to 30/6/17) due date is 15th Aug but file early.

3. Summary of your bills issues and sample of bills copy issued under GST Act from 1/7/17 to 15/7/17 (summary as per the offline utility provided by GSTN)(Attached)

4. Summary Purchase Bills – separately where Reverse Charge is applicable & Not applicable along with Bills under GST Act from 1/7/17 to 15/7/17

5. Your closing stock – which includes ITC claim for VAT or CENEVAT for this claim we have to file GST Tran – 1

6. Calculation of ITC claim c/f + new generated on fresh purchases

7. Advance receipts – Ledger

C. ACCOUNT LEDGERS – SUPPLY/PURCHASE/ITC TO BE REVIEWED:
1. Bill of Supply Ledgers (Sale Ledgers – Separately State wise, Interstate & Intra State). For example – Supply – Local Delhi (CGST+SGST) Ledger 1 & Supply- Interstate Delhi – IGST Ledger 2. Like wise for other states.
2. Purchases Ledgers– From Registered Suppliers – (Purchase Ledgers – Separately State wise, Interstate & Intra State). For example – Purchases – Local Delhi (CGST+SGST) Ledger 1 & Purchases- Interstate Delhi – IGST Ledger 2. Like wise for other states.
3. Purchases Ledgers– From Un-Registered Suppliers covered under RCM – (Purchase Ledgers – Separately State wise, Interstate & Intra State). For example – Purchases – Local Delhi (CGST+SGST) Ledger 1 & Purchases- Interstate Delhi – IGST Ledger 2. Like wise for other states.
4. Purchases Ledgers– From Un-Registered Suppliers – (Purchase Ledgers – Separately State wise say for Delhi – Local Delhi) where from single day from single supplier purchases do not cross Rs.5000/- (no interstate purchase is allowed).
5. Input Tax Credit Ledgers (ITC): as under for example Delhi taken otherwise it is required for all states where we are registered. these ledgers will work as your ITC Passbook:
—IGST- Delhi (Sub Group)
—    1. IGST – Delhi – Input – Ledger      3. IGST – Delhi – Input under RCM – Ledger 
—    2. IGST – Delhi – Output – Ledger    4. IGST – Delhi – Output under RCM – Ledger
CGST– Delhi (Sub Group)
—   1. CGST – Delhi – Input – Ledger    3. CGST – Delhi – Input under RCM – Ledger
—   2. CGST – Delhi – Output – Ledger  4. CGST – Delhi – Output under RCM – Ledger

—SGST- Delhi (Sub Group)

—   1. SGST – Delhi – Input – Ledger   3. CGST – Delhi – Input under RCM – Ledger

—   2. SGST – Delhi – Output – Ledger 4. CGST – Delhi – Output under RCM – Ledger
Please prepare all these for review for Tax Consultants or your seniors but do not delay it otherwise you will not be able to control GST working.

Author Bio

Qualification: CA in Practice
Company: RAJIV NIGAM & ASSOCIATES
Location: NEW DELHI AND NOIDA, New Delhi, IN
Member Since: 17 Jul 2017 | Total Posts: 30
RUNNING RAJIV NIGAM FCA PRACTISING FIRM FOR DIRECT & INDIRECT TAXATION & VIRTUAL CFO FOR START UPS View Full Profile

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14 Comments

  1. CA Pankaj Khandelwal says:

    Sir, you are posting that “from single day from single supplier purchases do not cross Rs.5000/-” but in circular it is “Aggregate Rs. 5000/- in a day from any or all the suppliers”. Can you please clarify the same.

  2. Satbir Singh says:

    The limit for Rs 5000 per day is from all unregistered suppliers during one day and not per supplier per day.
    e.g. Mr. A(registered) purchases from Mr B(unregistered) Rs. 3000 worth article and from Mr C(unregistered) Rs. 4000 worth of goods on the same day then in such a case Mr A shall be liable to pay under RCM tax on Rs. 7000 (3000+4000)

  3. VINOD KUMAR GUPTA says:

    There is no doubt you touched every corner of july return , But way you have explained thinks it become
    complicate not easy to understand for a common people. However in spite of that your article is very useful .

  4. Rocky says:

    Please clarify Unable to understand the below mentioned line because limit is for all unregistered supplier not for single and what is the meaning of (no interstate purchase is allowed).?

    “where from single day from single supplier purchases do not cross Rs.5000/- (no interstate purchase is allowed)”

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