Skip to main content

12 Immediate Points of Action Before the Roll Out Date of GST

The roll out date of GST is round the corner and it is time all business owners get going. It is believed that GST is going to revolutionize the tax structure. This is said that issuing invoice is going to be a burdensome process. But only time will tell whether or not is this true. Till then we can only wait and prepare for the thing that’s coming our way.
There are still apprehensions about what are the points of action before the roll out date of GST. Here is a guide to those points of action:
1. HSN/SAC
HSN code means Harmonized System of Nomenclature code is used for classifying goods under the GST. SAC means Service Accounting code under which the services that fall under GST are classified. Both these codes are used to classify goods and services under GST regime.
2. Carry forward of CENVAT/VAT credit forward on inputs/input services
3. Adjustment of CST Differential Tax Liability for carry forward of VAT Credit balance. (Applicable in case of refund carried forward under GST)
4. Capital Goods in Transit
There is no provision under GST, for claiming credit of capital goods which will be in transit during GST rollout.
5. Treatment of excise and service tax credit on input/WIP/finished goods held in stock
The registered persons under GST Act who were not eligible to take credit under the existing excise/VAT acts will be able to take credit of excise and service tax on all kinds of goods held in stock as on 30/06/2017, such as
a. traders
b. SSI units
c. units manufactured exempted goods/services or both
d. work contractors
6. Assesses engaged in manufacture of taxable as well as exempted goods or services
All the assesses engaged in the manufacture of taxable as well as exempted goods or services will be eligible for availing input tax credits.
7. Credit on inputs and input services in transit can be availed.
8. Credit on switching over from composition scheme under existing regime.
9. Transfer of credit under Centralised registrar.
10. Goods sent for job work
If inputs/semi-furnished goods are sent for job work under existing laws on or before 30 June and returned within 6 months of GST regime, then no tax shall be payable on such goods. But if they are received after 6 months, then assesse has to reverse input tax credit.
11. Treatment of TDS
If a company has sold any goods in respect to which TDS was required to be deducted and the payment has not been received, then no TDS will be paid.

12. All GST taxpayers are free to design their own invoice format. There are no restrictions for that. Only some fields must be mandatorily present in the invoice.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

Comments

Post a Comment

Popular posts from this blog

5 Tips to Help Your Startup Operate Smoothly from Day 1

To pass the different stages of building a startup, you need not climb the treacherous mountains but pass through the valleys paved by others. Starting your own venture can be a quite daunting task. The can be like hurtling down a potholed road with the ups and downs and the unpredictability that takes extra efforts to overcome. It is good to heed the advice of the experienced people. It is always advised to take away from experiences of a person who has gone through the potholed road. To be an entrepreneur in competitive times like these can be a daunting and a demanding task. You need to give in all you have with zero complaints. The following are the best ways to get through the startup transition on day 1: 1. Keep your heart full, your mind clear and your body active You need to keep yourself well through the transition process. It’s good to take some time out for yourself. Do some physical activity, read in your free time and learn every time. You need to understand that...
1 comment
Read more

The marketing power of rewards problems

A rewards program can however help one to build customer loyalty, deepen the engagement and also serve as a marketing benefit one can tout in order to attract the new customers. Thus the article below gives a closer look as to how the business can thus leverage the consumer interest in the rewards, along with the best practices which one can adapt from the major brands’ most successful loyalty programs. The reasons are as follows: 1. Lead with a strong offer. Customers may however be willing in order to sign up for the rewards program, but it’s thus important in order to know that their membership thus doesn’t equate to loyalty. In fact, just 13 percent of the customers are however complete loyalists who thus never shop around. The rewards program should always be appealing enough to in order to entice the customers to want to sign up — and then use it repeatedly. One must consider as to how the rewards program could be structured in order to reward the customers when they thus agree ...
1 comment
Read more

Trends that will rule India's ecosystem in 2017

Although 2016 ahd however ended as a bonanza year for the fintech startups due to demonetization, 2017 so far it is however looking rather mixed. In 2017, the readers can however expect a consolidation which is required to be the underlying theme in the India’s startup ecosystem, with the country’s capital operators that will be continuing to realign their portfolios and also search for the exits. The purpose of this article is to make the reader aware of the 5 trends that will rule India’s startup ecosystem in 2017. The following are the 5 trends : 1. Continuity in the growth of SaaS One of the areas in which the investors will however continue in order to back is the players who are operating in the software-as-a-service (SaaS) industry. As it is however opposed to the horizontal SaaS – software technology which could however be used across the different industry domains, vertical SaaS thus caters to a specific vertical, like the hospitality or either retail. In order to fulfill the...
Post a Comment
Read more