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New Year 2019! GST Resolution

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New Year 2019! GST Resolution
By: Ganeshan Kalyani
January 1, 2019
  • Contents

Wishing you all a very Happy and a Prosperous New Year 2019!

May God bless you all with Health, Wealth and Success.

Following are the resolutions I would like to do for the year 2019.

  1. I will ensure that outward supplies as shown in GSTR-1 is equal to the outward supplies shown in GSTR-3B.
  2. I would reconcile outward supplies as shown in GSTR-1 / GSTR-3B with the books of accounts.
  3. I will ensure that only eligible Input Tax Credit (ITC) is claimed as credit in GSTR-3B. Any ineligible ITC would be reversed with the payment of applicable interest.
  4. I will reconcile ITC as per books with GSTR-2A auto-populated data.
  5. I will ensure that correct HSN & GST rate is charged on all product in outward supplies.
  6. I will pay GST at correct rate on the services covered under reverse charge mechanism
  7. I will pay GST within the due date of payment of tax.
  8. I will file GSTR-1 & GSTR-3B well before the due date and thereby avoid last minute website problem.
  9. I will pay my supplier for the material supplied by him to me within a period of 180 days.
  10. I will reverse ITC proactively in case I found it was wrongly availed by me.
  11. I will reconcile IGST paid on imports with IGST claimed in GSTR-3B. Also, I will reconcile IGST ITC taken as per GSTR-3B with the IGST in ICEGATE.
  12. I will automate my reports in my accounting software which can provide me accurate data to file GSTR-1 & GSTR-3B.
  13. I will prepare for GST Annual Return well before the timeline.
  14. I will generate E-way bill for all taxable supplies in case the invoice value exceeds the threshold limit.
  15. I will carry the goods along with appropriate documents viz. tax invoice, delivery challan, bill of supply etc.
  16. I will educate my suppliers to pay correct GST and file appropriate GST returns regularly.
  17. I will reconcile electronic credit ledger, liability ledger in GSTN with the respective ledgers maintained in my books of accounts.
  18. I will keep myself abreast of the changes in GST and comply accordingly.



By: Ganeshan Kalyani - January 1, 2019



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