Want To Relax In GST, Do It Till June 30th 2017

Millions of traders migrating to GST from current tax regime like excise and VAT are currently undergoing both adventure and stress. The biggest concern is the old goods lying in the store and warehouse, on which the input tax of the taxes paid is to be taken in the new tax regime. GST experts say that when the government has issued all the rules of migration, stock credits and returns, there is no reason why the trader is caught in difficulties due to some mistake. He should have prepared himself at least at the level of data and documents. This can make things easier for him in GST.

Make a separate file of unsold stock till June 30, and prepare the Purchase Bill, Bill of Entry and Excise Paid Documents. If any of these stock is one year old, then remove it and sell it to the tax invoice within the state, even if you have to pay a little bit of discount. He says that keep your stock in different categories. The goods purchased in the locality will get input credit in SGST. To get the credit of CGST, make separate list of duty paid and non-duty paid stock.

Take the account statement of FY16-17 from your suppliers and creditors and keep account books fully prepared. If there is any kind of mismatch in your Purchase report, fix it before June 30 and revise VAT returns. Also make sure that the statutory forms like C-Form, H-form, I-Form have been collected.

If you have got Provincial GSTIN or ARN, then tell all your suppliers and buyers and likewise take all their suppliers and buyers from their GST tin or ARN. Use original software for accounting and invoicing, because you may have to get help from the software company to make an align with GST portal. If you are registered in service tax and other states also have a branch or store, then apply them to migrate all the branches to GST through those states.

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