GETTING READY FOR GST

GETTING READY FOR GST

As per the latest decision of the GST Council, GST will be introduced in India from July 1st. It is going to be launched on 30th June 2017 midnight. This, despite the fact that taxpayers have no idea how the portal would work save for some screen-shots which ask more questions that they answer. The GST Council has made an announcement that the GSTR 1 form, with invoice-wise details, which has to be filed by the 10th of the month following the assessing month has to be filed by September 5 and for August by September 20. A new form GSTR 3B will need to be filed by August 20 for July and September 20 for August. The reason given by the GST Council for the extension of these time limits are to give relief to businesses- the actual reason could be that the software is not yet ready.

 

 

The question that will come to every tax payer is “ What should we do?”. Here’s a brief laundry list.

 

  • Your Provisional GST Registration Number will be your GST number. Actual registration certificates under GST will come later.
  • From July 1, start charging GST as per the applicable tax rate on all outward supplies.
  • Maintain an Outward Supplies Ledger and Inward Supplies Ledger.
  • File the Form 3B by August 20 for July and September 20 for July and August respectively.
  • Pay tax on the net amount of tax payable
  • Obtain the data necessary to fill in the GST Transitional Return.
  • File the GST Transition return by 31ST It would be a good idea to file this only in the month of August as this gives some time to match invoices.
  • Keep looking for exemption notification- the department is famous for giving a Spate of Notification the moment a new law is introduced.
  • Find out your jurisdictional Assessing Officer ( its always better to know them
  • Make a list of all vendors/suppliers who are registered/ not registered.
  • Train your Finance Department n the intricacies of GST.
  • Hope for the best.

 

 

 
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