9 Important Things done Under GST before 31st March 2018

With the coming of end of FY 2017-18, there comes the pressure of closing of books with the business community. As, this year, all the business community is busy in closing down the books little early because this is the first FY closing under GST regime.

Through this article we need to put focus on certain important aspects, focusing on which the registered taxpayer save himself from interest and penalty and close down its books very easily:

1. E-WAY Bill – The much anticipated E-Way Bill is finally to roll out from April 1 st 2018 for interstate transport of goods. It is compulsory to take registration before 31st March 2018, if your goods are in transit as on 1st April 2018.

You may register for E-WAY BILL from here - https://ewaybillgst.gov.in/

2. Reconciliation of Books – All the registered taxpayers should reconcile the Cash Ledger, Credit ledger and liability ledger with their books before 31st March 2018. All Debit Notes, Discounts, credit notes, also to be reconciled with books and returns.

3. Input Tax Credit – There is a general rule in the GST, if after issuing of the GST ta Invoice the recipient does not make the payment to the supplier within 180 days period of time, then the credit taken on that Invoice needs to be reversed and the tax needs to be paid along with the interest. And, whenever the payment is mad, the recipient becomes eligible to take the credit for the amount.

So, make sure all the invoices before October 1st 2017 is in paid situation and if not, try to release the payment before 31st march 2018.

4. Transitional Input Credit – The registered taxpayers who have taken the input of excise by filing the Tran 1 without any supporting documents, they have to file GST TRAN 2 of outward supplies for six Months before 31st March 2018 for availing 40%/60% credit.

5. Choose b/w Monthly or Quarterly returns – Based on your turnover in FY 2017 – 18, the registered taxpayer needs to choose between Monthly or quarterly filing. If the Turnover of the previous year exceeds Rs. 1.5 Cr. Then the registered taxpayer needs to file return monthly and if the turnover is below 1.5 cr. then the taxpayers have the option to file quarterly GST return.

6. Other Taxpayer Returns –ISD (Input Service Distributors) has to file the GST return in form GSTR 6 by 31st March 2018 for the tax period from July 2017 to February 2018.

7. Reconciliation of Purchases – All the purchase made from a registered taxpayer are reflecting in GSTR 2A of registered recipient, the same needs to be reconciled before 31st March with the books of accounts.

8. Capital Assets – If Capital Asset has been purchased during F.Y 2017-18 and you have availed Input tax credit on the GST amount, then the tax payer do not charge depreciation on the ITC claimed amount.

9. Composition Scheme – Any GST registered taxpayer who wants to opt for the Composition Scheme for FY 2018-19 if the turnover in the previous year is less than 1.5 crore, and then the taxpayer needs to file Form GST CMP 02 before 31st March and those who wants to cancel the registration under Composition scheme, they have to apply in Form GST CMP – 04 before 7th April.

A registered Taxpayer should see whether all the work, reconciliations and tax payments has been completed on time i.e. before 31st March 2018.

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