15 Points for Taxpayers should pay attention

15 points you think on which the taxpayers should pay attention at the end of financial year?

1. Reversal of the entry tax credit – According to the rules of the entry tax credit, after the issuance of the tax invoice if the recipient does not make the total payment of the amount within 180 days, then the credit taken in that
the invoice must be reversed.  And each time the payment is made, the recipient can take the credit from the quantity. Therefore, the analysis of the aging of debtors and creditors should be made. all the old invoices issued before October 1, 2017, it must be paid before March 31, 2018.

Ex. Suppose that the Rs. 10000 is paid to the Public Accountant on September 15, 2017, and
the credit in that of Rs. 1800 has been taken on the return of that month, then the fees must be paid
before Marsh 31, 2018. Otherwise, the extra payment of Rs. 1800 will be held in the month of March.

2. Electronic invoice: it is mandatory to issue the E way invoice from April 1, 2018 for interstate transportation.
In case of interstate supply, the goods are in transit, since on April 1, 2018 it is mandatory to generate way to charge for them. Therefore, it is necessary to take the registration under the E way billing system before 31 March.

taxpayers should pay attention at the end of financial year
3. Reconciliation: all taxpayers must reconcile the cash ledger, the credit ledger and the responsibility General ledger with its account books. All entries must be made before the end of the year. Also debit note, credit note, difference of rates, discounts, etc. also to reconcile.

[maxbutton id=”3″ ]

4. HSN Code on the invoice: before preparing the first invoice in the new financial year, taxpayers You should check the billing for the year 2017-18. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores will use 2-digit code and taxpayers whose turnover will be Rs. 5 crores and more will use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN code in your invoices.

5. New series for the fiscal invoice: if someone wants to change the series for billing in the new year, then he can do it from April 1st. The new numbering should start from April 1.

6. Composition scheme: if a taxpayer wishes to register according to the composition scheme, then he You can apply for the GST CMP – 02 Form before March 31. Similarly, those who want to cancel the registration under the composition scheme, must be submitted on the GST Form CMP – 04 before April 7. They You have to calculate the effects of the ITC on the closing stock.

7. Due dates of returns – There are several expiration dates in the month of April to submit refunds related to March 31. As GSTR 3B for March, it will be archived until April 20. GSTR 1 must be archived April 10th. GSTR 4 will be until April 18 and GSTR 6 will be archived until April 13.

8. Monthly / quarterly returns: Taxpayers must verify the billing for the year 2017-18. If he Aggregate business volume is above Rs. 1.5 Crore then taxpayers have to file a monthly return. If he The aggregate turnover is below Rs. 1.5 Crore then taxpayers have an option to file the quarterly GST returns The taxpayer can choose any of the options.

9. Form GST TRAN 2 – Taxpayers who have submitted TRAN 1 and have taken credit for Special taxes paid, without any document, have to present the details of external supplies for six months in TRAN 2 before March 31, 2018 to obtain a credit of 40% / 60%.

10. GSTR 6: the distributor of the entry service must present the GST declaration in the GSTR 6 form. Therefore, March 31 is the expiration date to present the GSTR July 6, 2017 to February 2018.

11. Refund – As in Maharashtra VAT, there was a provision of refund for excess input tax credit, there is no such provision in GST law. Excess credit needs to be carried forward compulsorily.

12. GSTR 2 – Details of purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers should check the details of purchases before 31st March.

13. Valuation of the closing stock – At the time of valuation of closing stock as on 31st March, the input tax credit taken on raw material, consumables, semi finished goods is to be calculated. In Excise, there was a concept of making provision for the tax payable on the finished goods as on 31st March, no such concept was introduced in the GST.

14. Depreciation on the capital asset – At the time of calculating depreciation on the capital goods (other than building), if ITC has been claimed, then the tax amount needs to be ignored at the time of calculating depreciation.

15. Anti profiteering – Do the comparative check of the gross profit earned for March 2018 with the gross profit of financial year 2016-2017 or gross profit for April 2017 to June 2018. If the gross profit ratio for the March 2018 is higher, then taxpayer should check whether he is trapped in the Anti profiteering or not?

[frontpage_news widget=”1722″ name=”GST”]