A brief to do list for GST implementation

1. Get detailed working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .
2. Allocate your closing stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books.
4. Rectify Mismatch Reports of Purchases, if it exist.
5. Revise your VAT Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms .
7. Get your Books Finalise for FY 2016-17 at the earliest.
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1year old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock – tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing – Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all your suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you.
18. Analyse P & L and see which expenses are liable to RCM.
19. Make sure your GST migration from VAT/Service Tax is complete
20. Engage GST8 Consultant on professional basis.
21. Train staff to prepare tax invoice, advance receipts, self invoice etc etc from June 2017 itself
22. If you are in ERP which is compatible with GST, realign your General Ledger for easy reconciliation for Tax Return and GST annual return
23. Make sure that all documents especially credit and debit note is serially numbered.

2 Replies to “A brief to do list for GST implementation”

  1. smt B SOBHA says:

    Respected sir
    we have a ayurvedic pharmacy which manufactured ayurvredic medicine in kk ayurved brand and our turnover is in year is below 35 lacks and our marketing is done in odisha state only but herbs and other item are purchased from other state so what i can i do .can i go for COMPOSITION SCHEME or normal GST regime so pl advice in this matter

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