11 Points to do list under GST before 31-3-2018

By | March 28, 2018
(Last Updated On: March 28, 2018)

The Financial year 2017-18 is coming to end on 31st March, 2018 and business community is busy closing its books of account. This year the closing is special as it is the first year closing under the new GST regime

 11 important aspects – Tabular Presentation

1.Those dealers who have claimed transitional deemed credit of 60% & 40% in GST TRAN 1 form need to file TRAN 2 form by 31-3-2018. Non-filing will disallow your claim. One thing to be kept in mind is that this deemed credit has to be passed on to the customer by reduction in price charged. Note that claims under TRAN 1 are under Department’s scrutiny.
2.Till date only GSTR1 and GSTR3B are filed and GSTR2 has been deferred. As such, the matching of input credit is not happening. However, GSTR2A containing details of inward supplies is available on the portal. Dealers are advised to download these files and match all their inward supplies and the input credit at their own hand and contact their supplier in case of discrepancy. In fact, this should be a regular exercise at dealer’s end. Do reverse the input credit wrongly/erroneously claimed.
3.As per GSTN nearly 86% of GSTR3B and GSTR1 are not matching and notices are being issued in such cases. Though there may be genuine reasons for differences, yet Dealer’s are advised to make a month-wise reconciliation of GSTR 3B and GSTR 1 starting from 1-7-2017 and record reasons for mismatch, if any. It will not only help dealer in case notices are received but it will be beneficial at the time of GST audit also.
4.E way bills are being re-introduced from 1-4-2018. In case you have not yet registered on e way portal then immediately register on the eway portal https://ewaybillgst.gov.in/
5.Some important coming return filing due dates:

1.GSTR-6 (Input service distributor) July, 17 to Feb, 18 due date March, 31, 2018
2.GSTR-4 (Composition dealer) Jan, 18 to March, 18 due date April, 18, 2018
3.GSTR-1 (Jan, 18 to March, 18) Quartely dealer upto 1.5 crore turnover due date April, 30, 2018
4.GSTR-1 Feb, 18 Monthly dealer due date April, 10, 2018
5.GSTR-3B for March, 18 due date April, 20, 2018
6.On GST portal Cash ledger, Credit ledger and liability ledger are provided. The dealer must reconcile these ledgers with his books of account and make proper reconciliation for any discrepancy and make suitable entries for all debit and credit notes and wherever necessary reverse input credit wrongly availed to avoid any penalty suo-motto.
7.Please take note in case of Capital assets purchased during F.Y.17-18 if you have availed input credit under GST of that item then do not charge depreciation on the GST input portion of the value of asset.
8.It is time for calculation of turnover for 2017-18 . Registered persons having turnover upto 1.5 crore during 2017-18 can opt for Quarterly filing of returns and those having turnover of more than 1.5 crore have to opt for Monthly filings.
9.If any registered person wants to register under composition scheme then apply in Form GST CMP – 02 before March, 31, 2018. Similarly, those who want to opt out of composition scheme, they have to apply in Form GST CMP – 04 before 7th April. They have to calculate the effects of ITC on closing stock and file suitable Form GST ITC-03 or Form GST ITC-01.
10.Coming April, 1, 2018 new series for bill books to be started. Please note that you may carry forward the old series or may start a new series, depending upon your preference. However take care to change year if you suffixed or prefixed year in the series numbering. The invoice number has to be unique for a financial year.
11.As per Section 16 of Input Tax credit, where a recipient fails to pay to the supplier the value of supply along with the tax payable on it within a period of 180 days from the date of invoice then the recipient has to reverse the tax credit availed along with interest thereon . He shall be entitled to claim tax credit when he makes the payment. Dealers are advised to make an ageing analysis of all their creditors to work out such invoice. Either make payment of such invoices or reverse the credit of ITC availed.
Category: GST

About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

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