GST REMEMBER POINTS

ACTIONS TO BE DONE BEFORE 30.06.2017

1. Get provisional ID/Migrate before 30.06.2017 as per Sec.139 of GST Act,2017

2. Take stock inventory as on 31.03.2017 and 30.06.2017

3. Remove/sell fictitious stocks if any in the books

4. Keep book stocks and physical stocks matching

5. Sell out if the rate of tax of goods you are dealing in is higher in GST regime than existing taxation
laws.

6. If GST rate of the goods you are dealing in is lower than the present rate then maintain proper stocks in
hand to avoid applicability of Sec.171 of GST (Anti profiteering clause)

7. Sell out holding stock of purchases made prior to 30.06.2016 by offering discounts

8. Get statement of accounts of both seller and buyer and reconcile

9. Check Bank transactions with your purchases and sales of period upto 30.062017

10. Revise your VAT & Entry tax returns if necessary

11. File returns under existing law upto 30.06.2017

12. Allocate stocks into rate wise and HSN code wise

13. Ensure collection of statutory forms upto date(From C,E,E-1,E-II,F,H & I)

14. Obtain GST no of all your buyers and Sellers

15. Issue debite note/credit note if any to settle dispute with your sellers and buyers prior to 30.06.2017

16. Make payments for expenses prior to 30.06.2017

17. Make a chart of goods and services your are providing and receiving with eight digits code

18. If you are buying goods from un registered persons/or making inter state sale, it is mandatory to get
registered immediately irrespective of your aggregate turnover-Sec.24 (1) & (3)
II.Documents

1. Get ready printed serially numbered Tax invoice/ Bill of Sale or keep ready suitable software as per
Rule 7 of GST

2. Get ready printed Receipt Voucher to discharge GST on Advance receipts

3. Get ready printed Refund Voucher to return the advance received

4. Get ready printed Payment voucher to discharge the GST on RCM basis u/s.9 (4) of GST and then raise
a suitable tax invoice for the same.

Tax invoice can be printed in the formats which suits to the supplier of goods and services but should not
forget to mention the following twelve conditions

1. Name of Supplier

2. GST No.

3. State of code of supplier

4. Tax invoice no.

5. Date of issue of tax invoice

6. Time of supply

7. Place of Supply

8. Buyer name,place of supply,GST No and State Code

9. Receiver of goods name,Place of Supply,GST No and State code

10. Reverse charge if any applicable a column for getting signature of supplier.

10. Qty,Units,Rate per unit

11. Applicable rate of CGST/SGST/IGST/UTGST and Cess if any

12. HSN code of Goods and Services supplied.(Though it is not mandatory for a supply of goods of a
turnover less than 1.5 crores, However it is advisable to mention to keep classified stocks for better
management of business and to avoid wrath of notice of babus after their visits to the business premises.

HSN CODE/SAC CODE: (Harmonised Systamatic Nomenclaure)SAC-Services accounting codes

Aggregate Turnover less than 1.5 crHSN/SAC not mandatoryAggregate turnover 1.5 cr to 5 crHSN upto
2 digits is optional. Not required for the first year (2017-18) However is SAC is mandatoryAggregate
turnover is more than 5 cr4 digits, SAC is must
COMPOSITION DEALER-Sec.10 of GST Act,2017

As per Sec.10 of GST Act,2017 a supplier of goods (Other than a Contractor and a restaurant providing
services of supply of alcohol) whose turnover in the preceding F.Y. under previous law is less than 75 lacs
can opt for composition scheme with further following conditions.

1. He should not be in possession of inter state purchased goods as on 30.06.2017

2. He should not be in possession of purchases of goods purchased from unregistered suppliers as on

30.06.2017

3. He should not collect the Tax and he should raise only a Bill of sale

4. He should not sell the goods inter-state

5. It is mandatory to mention in the bill of sale as COMPOSITION DEALER.He should also display the
Board in the business premises as COMPOSITION DEALER

6. It is mandatory to mention all the parameters of Tax invoice excepting Tax

particulars(CGST/SGST/IGST/UTGST and CESS)

7. He should bear the cost of supply of goods and services supplied by a unregistered supplier. U/s. 9(4)
of GST Act,2017

8. If holding stock of goods supplied by a unregistered supplier as on 30.06.2017, tax on RCM basis to be
discharged and which is not eligible for ITC

9. Composition dealer is not eligible for any kind of ITC either of current taxation regime or under GST
regime

10. It is not possible to register one entity in different verticals i.e. one in composition scheme and
another one in one with regular GST with one PAN in one State.

11. The GST council also have the power to restrict certain manufactures availing composition scheme for
ex.Pan masala, edible ice etc.,

12. It is also not permitted to avail composition scheme by a service provider.

13. Different rates of tax have been fixed details as below

(a) Traders-1% (.5+.5)

(b) Manufacturers-2% (1+1)

(c) Others-5% (2.5+2.5)

12. Registered persons under composition scheme are required to file quarterly return under GSTR-4 on
or before 18th succeeding quarter-Sec.39(2)

13. Every registered person under composition also require to file annual return under GSTR-9 on or
before 31st December of the succeeding year.-Sec.44
14. Further registered person opted composition scheme is not required to submit outward/inward
supplies.

III.TRANSITION ISSUES-Sec.140 of GST Act,2017

Sec.140 and sub clauses provides for transition issues.

1. Manufacture and Service providers already registered under existing central laws having a closing
balances of cenvat credit are eligible for full ITC

2. Manufacturer and Services providers already registered under existing central laws having a balance of
un-availed cenvat credit on capital goods are eligible of cenvat credit not availed earlier.

3. Manufacturers and services providers supplying exempted goods/services under existing laws (not
liable to be registered under existing central laws)holding stocks of inputs (held as inputs/semi-finished
goods/finished goods)to be used for making taxable supplies where duty paid invoices are available is
eligible for amount of duty paid as per available duty paid invoices.

4. Trader (not liable to be registered under existing central laws) holding stocks of inputs finished/semi
finished inputs to be used for making taxable supplies where duty paid invoices available are eligible for
ITC of amount of duty paid as invoice details submitted through Trans-1

5. Trader (not liable to be registered under existing central laws) holding stocks of finished/semi finished
goods as inputs to be used for making taxable supplies where duty paid invoices are NOT available is
eligible for ITC as discussed below

In case of Intra-State supplies-

(a) 60% of the Cenrtal tax paid where the goods are subjected to GST 18% or 28%

(b) 40% of the central tax paid where the goods are subjected to GST 5% or 12%

IN CASE OF INTER STATE SUPPLIES

(A) 30% of the integrated tax paid, where goods are subjected to tax at 18% or 28%

(B) 20% of the integrated tax paid, where goods are subjected to tax at 5% or 12%

SUBMISSION OF GST-TRANSITION FORMS

(1) Time limit for submission of GST-TRANS is on or before 28.08.2017 (60 days from the appointed date
of GST) or as per the extended time provided by the Commissioner.

(2) For Sl.No.5 GST-TRANS-2 is to be submitted at the end of each of the first six months.
E-WAY BILL

Expressing the technical difficulties the council has deferred issue of e way bill for another four moths
however it was made mandatory to continue to raise e way bill of the respective States where the taxable
value of goods exceeds Rs.50000/-

It was also made mandatory to carry the goods carrying vehicle a RFID (Radio frequency identification
number)

RETURNS-Sec.37,38,39

1. GST Council has announced interim period and accordingly provided a provision for submission of
provisional return under GSTR 3B (a summary of outward/inward supplies and tax payable particulars)
for the month of July & August,2017.Which is to be submitted for the month of July,2017 on or before
20.08.2017 and for the month of August,2017 on or before 20.09.2017.

However the GSTR-3 should be filed for the month of July, 2017 on or before 05.09.2017 and for the
month of August, 2017 on or before 20.09.2017

SUBMISSION OF OUTWRD/INWARD SUPPLIES-Sec.38 & 39

1. Supplying registered person has to submit his outward supplies under GSTR1 on or before succeeding
month which auto populates and appear as GSTR-2 on eleventh day in receiver portal-Sec.146.

2. Receiver after downloading and comparison if needs for correction will return back to his supplier
which auto populates and appear as GSTR-1A in suppliers portal. After due correction if required he will
once again submit GSTR-1.The same has to be completed on or before 15th of succeeding month.

3. Secondly receiver (buyer)if he founds it (GSTR2) is in proper he will submit his GSTR2 before 15th of
preceding month.

3. Buyer (after submission of his outward supplies) and after submission of GSTR2 he will generate
GSTR3 which is monthly return and the same has to be submitted on or before 20 of the preceding
month. And discharges his tax liability (cross utilization of CGST with SGST is not permitted) either by
utilizing available ITC i.e. electronic ledger or through cash ledger.