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Be ready for GST. What we need to do on priority basis is as under:-
- Prepare your accounts up to 31st March, 2017:-
- Prepare your accounts up to 31st March, 2017 complete in all respect and get it audited.
- Your stock as on 31st March, 2017 should have quantitative details as well as cost of the same should be supported with bills and expenses apportioned thereon
- Check your G.P. rate. It should be based on past history of GP. rate. If there is deviation, you should have substantial evidences, to support your stock in hand.
- Better you must have quantitative details of whole year purchase, manufacturing expenses, if any, sales. If you don’t have quantitative details and your accountant is unable to do so hire experts for this, if you have substantial stock in hand.
- Please also ensure to take accounts confirmation from your Sundry debtors and creditors to whom you sold / purchase your goods.
- Do the same above process up to date and then online to avoid the future loss of claiming GST.
- Please note that if you don’t take decision timely and if you have to claim substantial duty, service tax or VAT then you may loose them or you have to pay high cost for the same. So be careful and do your home work properly. Only your proper homework end preparing accounts books which supporting documents like purchase bills expensive vouchers matching with past history or having justified reason for deviation from Past history with documentary evidence can save your financial losses in the terms of proper claiming of service tax excise VAT etc paid
- Tell your CA / advocate to check the website of department if there is any mismatch reports especially of purchases.
- File your all vat / service tax / excise duty returns timely and ensure to check them buy downloading from the government department if there is need of revising ensure to revise timely.
- Issue declaration forms for purchases made and similarly collect all declaration forms timely to whom you sold the goods or sent on consignment etc. Ensure to have update there on from your accounts department.
- Try hard to dispose of the old stock
- Tell your advocate / chartered accountant or download ITC / US code. They are available online. and classify your stock accordingly
- Please Inform your GSTN / ARN to all your suppliers of Goods & Services. Also Obtain GSTN / ARN of all your Suppliers & Buyers.
- Also apply for migration in all the states separately where you are registered.
- Keep in touch with daily updates.