Deepak Gupta | Mar 22, 2018 |
Year End check list for GST : Here is a point wise list of some of the important aspects to be taken care from GST point of view before year end closing.
1 . Reversal of Input tax credit
2. E way bill
3. Reconciliation
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4. HSN Code in the Invoice
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Before preparing first invoice in the new financial year, taxpayers should check the turnover for the year 2017-18.
5. Composition scheme
6. Due dates of the returns
7. Opting for Monthly or Quarterly GST returns
Taxpayers should check the turnover for the year 2017-18.
8. Form GST TRAN 2
The taxpayers who have filed the TRAN 1 and have taken the credit of Excise duty paid, without any documents, they have to file the details of outward supplies for six months in TRAN 2 before 31st March 2018 for availing 40%/ 60% credit.
9. GSTR 2
Details of purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers should check the details of purchases before 31st March.
10. Valuation of the closing stock
Valuation of closing stock as on 31st March, should be done after taking the input tax credit of raw material, consumables, semi-finished goods etc.
11. Depreciation on the capital asset
At the time of calculating depreciation on the capital goods (other than building), if ITC has been claimed, then the tax amount needs to be ignored at the time of calculating depreciation.
12. Anti-profiteering
Anti-profit provisions were made by government so as to ensure that any benefit of tax rate reduction or benefit of input tax credit is being passed on to the consumers.
An analysis of the gross profit earned for March 2018 should be done.
If the gross profit ratio has unreasonable hike then taxpayer should check if the Anti-profiteering provisions are being violated.
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