Goods and Service Tax can said as the largest and one of the most significant tax reform in modern India. In this rapid moving era GST can be said as a unified tax that is being charged on goods & services along with VAT which was earlier separated but is now unified.
It is not just a change but an impact which has reached every sector of the society within every business operation and in all fields like supply chain, IT, accounting, taxation compliances etc.
The GST itself impacts all the places where taxation played an important role in the society.
Compliance Checklist
For going into GST Compliance there are certain points which are to be noted in the process:
- Collection & Filing of Forms:
- Filing of important forms like TRAN-1, TRAN-2 & ITC on old stock. Also, Collection of various forms like Form-C, Form-H, Form-I & finalization of various books of accounts.
- Checking of Debit & Credit Notes:
- At times there are various instances where a person might miss out some debit notes or credit which may not have been attended earlier & which might cause issues. To avoid and major problems in filing it is better to check them beforehand.
- Identification of Various codes & Tax rates under GST:
- There are various amendments in GST rates so it is important to check the proper rate of returns with along with the latest amendments which are in use to avoid any kind of faults in filing
- Proper Selection & Integration of GST Return filing Software:
To do all of the GST Filing manually with no errors is actually not possible and corporations where hundreds of transactions are there is a need to properly select a trustable & proven GST software for accurate information and ease of filing without any errors , which is easy to use and understand and doesn’t require much effort to work upon.
- Checking & Validating of GST Standards:
For proper filing of GST all formats and procedures need to be kept in mind a person might not be able to do it and this is the use of office software is important to make and keep all formats ready.
- Timely filing of GST:
Timely filing of GST in required formats is necessary otherwise incomplete GST records may not result in credit as desired & may result in invalid filing. Timely filing also ensures no late fees or penalties are attached and there is efficiency of work & less time is consumed.
GST Advisory:
For GST advisory we have to take in account some few key points like:
- Tax Rates
- Valuations
- Refunds
- Supply of Goods/Services
- Proper Bills
A learned GST professional would advise you on certain key parameters like:
- Assessing the financial impact of GST & it’s filings
- product pricing and the dynamic changes
- Change in tax rates & tax rules
- Change/Alteration of Goods & Services supplied
- Valuations done under GST, including supplies, stock transfers, discounts, incidental supplies and supplies to related parties.
- Position Analysis on basis of input tax credits – credit restrictions or additional tax credits on procurements of goods and services; and,
- Based on the above parameters, considering & assessing the GST situation on Company’s operations &ss working capital.
