CMA Susanta Kumar Saha | Jun 19, 2018 |
Comprehensive GST checklist before finalisation of Balance Sheet for the FY 2017 2018 for registered persons – Part 1
With promulgation of GST Laws w.e.f. 1st July 2017, multiple taxes and duties levied by the central and state governments such as Central Excise/ CST/VAT/Entry Tax/ Service Tax/ WCT etc. have been replaced with Integrated Goods & Services Tax (IGST) in case of inter-state supply of goods or services or both and Central GST(CGST) plus State GST (SGST) for intra-state supply of goods or services or both.
Financial Year 2017 2018 has ended and this being the year where indirect tax compliance of a taxable person would not be uniform throughout the year. It will be different for the quarter ended June, 2017 where taxes and duties of pre-GST regime would be applicable and different for the next three quarters where GST law would be applicable.
As a result, substantial amount of preparation is required for a taxable person to be ready with GST audit (for applicable assesses), providing cross linked information for Statutory Audit and Tax Audit (u/s 44AB of the Income Tax Act, 1961), and GST assessment. The scope of GST Audit appears to be much wider when compared with audit under Income Tax Act, 1967. Thus in addition to detailed understanding of various provisions of GST law (Acts/Rules/Notifications), it is desirable to prepare documents and records for a better control before closure of financial accounts.
The following points are to be checked for each GSTIN of a taxable person having a single PAN. The write up will address the points / topics chronologically as per GST law.
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About theAuthor : CMA. Susanta Kumar Saha
A seasoned professional with around 24 years experience in Corporate Finance, Direct & Indirect taxation, Financial & Management Accounting, Fund Management, Budgeting, ERP Implementation in different sectors of industry.
Corporate trainer in Goods and Services Tax, implementation and compliance consultant, advisory and litigation management.
Tags :supply of goods or services, finalisation of balance sheet, income tax act, comprehensive gst checklist, gst law,Comprehensive GST checklist before finalisation of Balance Sheet
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