- Company may develop the new series of all documents to be issued like Tax invoice. Export Invoice, Bill of supply, Receipt voucher, Payment voucher, Refund voucher, Debit note, Credit Note, Delivery challans for new Financial Year 2018-19.
- Company required to mentioned HSN
|
S. No.
|
Annual turnover in the preceding F.Y.
|
No. of digits of HSN Code
|
|
1.
|
Up to rupees 1.5 Crore
|
Nil
|
|
2.
|
More than rupees 1.5 Crore and up to rupees 5 Crore
|
2
|
|
3.
|
More than rupees 5 crores
|
4
|
- Company need to apply for fresh LUT for Financial Year 2018-19, in case exporters exporting goods/services without payment of Tax and for supplies made to SEZ without payment of tax.
- Interstate E-way bill is applicable w.e.f 1-04-2018.
- Filing of TRANS 2 for July to December 2017.
- Option to file TRAN 1 available for assessee’s who have earlier submitted the TRAN1 but could not file due to technical difficulties.
- In case the turnover of assessee exceeds 1.5 Crores, opt for filing monthly returns, otherwise opt for quarterly returns. (At time of filing GSTR 3B for the month of April-18).
- Company required to fill Form GST CMP 02 in case it want to opt composition scheme.
- Decision to opt for special valuation provisions or go with normal provisions specifically in case of supply of services in relation to the sale or purchase of foreign exchange.
- ITC Credit: As per 2nd proviso of section 16(2) of CGST Act, 2018 in case the payment for purchase not made within 180 days, then the assessee is required to reverse the ITC booked with interest. Thus, command require to analyses the creditors for FY 2017-18.
- Banking companies and financial institutions to decide either to opt normal provisions for calculation of ITC required to be reversed or go with special provision (50% reversal).
- Calculate final amount of ITC reversal i.e. D1 and D2 on the basis of actual turnover of F.Y. 2017-18.
- Annual Reconciliation of Books and GST returns: For this company is required to reconcile the Sale Ledger/ GST Liability / Cash Ledger/ Credit Ledger as per books and as per GST returns. Further in case there is difference then company is required to take the effect of same in March 2018 GSTR 3B and GSTR 1.
