The roll out date of GST is round the corner and it is time all business owners get going. It is believed that GST is going to revolutionize the tax structure. This is said that issuing invoice is going to be a burdensome process. But only time will tell whether or not is this true. Till then we can only wait and prepare for the thing that’s coming our way.
There are still apprehensions about what are the points of action before the roll out date of GST. Here is a guide to those points of action:
1. HSN/SAC
HSN code means Harmonized System of Nomenclature code is used for classifying goods under the GST. SAC means Service Accounting code under which the services that fall under GST are classified. Both these codes are used to classify goods and services under GST regime.
2. Carry forward of CENVAT/VAT credit forward on inputs/input services
3. Adjustment of CST Differential Tax Liability for carry forward of VAT Credit balance. (Applicable in case of refund carried forward under GST)
4. Capital Goods in Transit
There is no provision under GST, for claiming credit of capital goods which will be in transit during GST rollout.
5. Treatment of excise and service tax credit on input/WIP/finished goods held in stock
The registered persons under GST Act who were not eligible to take credit under the existing excise/VAT acts will be able to take credit of excise and service tax on all kinds of goods held in stock as on 30/06/2017, such as
a. traders
b. SSI units
c. units manufactured exempted goods/services or both
d. work contractors
6. Assesses engaged in manufacture of taxable as well as exempted goods or services
All the assesses engaged in the manufacture of taxable as well as exempted goods or services will be eligible for availing input tax credits.
7. Credit on inputs and input services in transit can be availed.
8. Credit on switching over from composition scheme under existing regime.
9. Transfer of credit under Centralised registrar.
10. Goods sent for job work
If inputs/semi-furnished goods are sent for job work under existing laws on or before 30 June and returned within 6 months of GST regime, then no tax shall be payable on such goods. But if they are received after 6 months, then assesse has to reverse input tax credit.
11. Treatment of TDS
If a company has sold any goods in respect to which TDS was required to be deducted and the payment has not been received, then no TDS will be paid.
12. All GST taxpayers are free to design their own invoice format. There are no restrictions for that. Only some fields must be mandatorily present in the invoice.
0コメント