Today we will discuss Migration and Implementation of GST. Things to be done before GST come in the effect. what are the task to be performed for the GST.
Inform your GSTIN / ARN/Provisional number to all suppliers of Goods & Services.
Obtain GSTIN / ARN/Provisional number of all Suppliers & Buyers.
Apply for migration in all states if you have centralized registration under Service Tax also for VAT if your buyers need it.
Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold. you can check the rate here
NOTE – If a dealer is not registered in existing law it can be registered in GST on 25th June 2017
Finalisation of Books of accounts – Finalize Books till date like account all purchase, sales and expenses up to 30.06.2017 with the help of Statement of accounts from your Debtors/ Creditors & compiled them from your books. identify if there is any mismatch in purchases.In case of any error revise your Vat Returns or service tax return.
Check that your last six month VAT, Excise or ST return is filed correctly. any credit carry forward has been taken correctly.
Collect all the C forms/H Form/ I forms from the party.
Accounting of Closing Stocks
Closing stock management is the biggest hurdle in the GST. As government has given deemed credit to the dealer also it has given credit for the stock in hands to the manufacturer.
Prepare the Stock register properly like Raw material, Finished goods and Work in progress.Make the separate file for all bills taken in last one year for the stock in hands.Purchase Bills/ Bill of Entry/ Excise Paying Documents etc, since it is necessary at the time of taking input credit.
Can I transfer the Stock in my sister concern?
Many people are thinking what to do for the closing stocks. It will depends on the nature of industry like fabrics trader will get the deemed credit
GST Credit on stock in hands
Any credit taken in Excise, vat or Service tax Registration can be claimed in GST without any stock proof. click here to check the details knowledge on duty available Stock in hands
How to make bill in the GST, whether we will charge SGST,CGST or IGST.
Click here for the complete knowledge on the tax structure of GST – http://taxbaniya.com/2016/11/21/time-and-place-of-supply-of-goods-and-services-in-gst/
Input tax credit in GST
What are the credits available in the GST and how the credit will be available.
Read our previous post – Credit Structure in GST