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OVERVIEW OF GST COMPLIANCE FOR FINANCIAL YEAR 2017-2018

Goods and Services Tax - GST - By: - sandeep rawat - Dated:- 2-8-2018 - As the industry approaches towards freezing books of accounts for the financial year 2017-2018 and GST law being 9 months old, it is important for the taxpayers to evaluate the transactions parked in the books as per the GST law. This will ensure hassle free transition of businesses to the new financial year 2018-2019 as far as GST compliance is concerned. For financial year 2017-2018, the GST taxpayer has to be answerable f .....

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edit carried forward to the GST regime from the existing regime using Form GST TRAN-1 in accordance with the provision laid down in Sec. 141 - 143 of CGST Act 2017. Goods sent for job work activity before 01st July 2017 Taxpayers should ensure that goods sent for job work activity in the existing regime before 1st July 2017 has been brought back to the place of business of the principal within 6 months from the appointed day - Sec. 141 of CGST Act 2017 In case such goods are not brought back wit .....

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ppointed day - Sec. 142(12) of CGST Act 2017 Tax shall be payable by the person returning the goods if such goods are liable to tax under GST regime, and are returned after a period specified above Tax shall be payable by the person who has sent the goods on approval basis if such goods are liable to tax under GST regime, and are not returned within a period specified above INVOICE, RECORDS, DOCUMENTS HSN Code in the Invoice HSN code would be required to be mentioned in the Tax Invoices to be is .....

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r Maintaining invoicing series unique for the financial year becomes essential for taxpayers registered under GST regime - Rule 46(b) of CGST Rules 2017 narrates such provision related to the issuance of Tax Invoice under GST law Amendment of Tax Invoice, Credit Note & Debit Note If particulars were wrongly mentioned in any of the documents (Tax Invoice, Credit Note & Debit Note) in any of the previous months should be amended in the return to be filed for March'2018. Issuance of Tax .....

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-CT dated 28.06.2017 RETURN Return filing due date Below mentioned is the chart on the due date for filing of returns under GST regime pertaining to the FY 17-18: i) Form GSTR 3B for March'18 - Last date for filing the return is 20th April 2018 ii) Form GSTR 1 for Feb'18 - Last date for submitting the details is 10th April 2018 iii) Form GSTR 1 for Mar'18 - Last date for submitting the details is 10th May 2018 iv) Form GSTR 6 (July'17 - Mar'18) - Last date for filing the retu .....

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the taxpayers have an option to file the quarterly return. Taxpayer can choose any of the option, but once selected the option cannot be changed for the financial year. Form GST TRAN 2 The taxpayers who have filed Form GST TRAN 1 and have disclosed the closing stock held as on the appointed day in table 7(a) (7B) and in table 7(d) of Form GST TRAN-1 for which the taxpayer is not in possession of an invoice or any document evidencing payment of duty are required to file the details of outward su .....

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goods (other than building), if the ITC has been claimed, then the tax amount should to be ignored. Reversal of Input tax credit (ITC) i) In case the registered recipient has failed to make payment (full or part) to the registered supplier within a period of 180 days from the date of invoice, proportionate input tax credit to the extent of such non-payment has to be reversed by the registered recipient - Sec. 16(2) of CGST Act read with Rule 37(1) of CGST Rules 2017 ii) Where the inputs / input .....

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ii) Identify the inward supply transactions falling within the ambit of blocked input tax credit - Sec. 17(5) of CGST Act 2017 RECONCILIATION Reconciliation of Books vs. GST Returns Transaction wise reconciliation of outward and inward supply data pushed in the GST Returns with the actual financials should be done. The activity will help in identifying the variance (if any) and to incorporate necessary amendments in the returns to be filed for March'2018 Matching of ITC: Books vs. GSTR 3B Mo .....

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18 should be done to check whether he is trapped in the Anti-profiteering or not. REFUND Refund of excess ITC Unlike the refund provision in the existing regime, a registered person making normal taxable supply cannot claim refund of unutilised ITC as on 31st March 2018. The same has to be compulsorily carried forward to the next tax period. Refund of excess payment (unutilized amount in electronic cash ledger) Taxpayers having excess balance in electronic cash ledger which is not planned to be .....

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