Things to do - While transiting to GST Regime



Hello Readers,

Since, the appointed day of GST (i.e., 1st July, 2017) is coming closer as the time pass on, we should be ready with transitional procedures, to continue the our critical business segments without any hurdles.

Therefore, let us see at basic things to do, while transiting to GST Regime:

1. Make sure your GST migration from VAT/Service Tax/ Excise Duty is complete.

2. Apply for migration in all states if you have centralized registration under Service Tax.

3. Train staff to prepare tax invoice, advance receipts, self-invoice etc from June 2017 itself.

4. Train your accountants for GST accounting and returns formats.

5. Inform your GSTIN / ARN to all your suppliers of Goods & Services.

6. Obtain GSTIN of all Suppliers & Buyers and prepare a master data.

7. Finalize books of accounts as early as possible and get the A/c Statement from your      Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books.

8. Make strict follow-up to collect all the C forms/H Form/ I forms. Since on valid C/F/I     forms only, you can claim ITC credit.
9. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.

10. Prepare Stock ageing Analysis to ascertain if any stock is more than 1 year old. If yes, then dispose it off immediately or sell it to your sister concern against Tax Invoice locally. The reason is, Invoice date should be within 12 months prior to Appointment date ( i.e, 01st July, 2017).



11. Get detailed working for Closing Stock for the period 31.3.2017 / 30.6.2017 before    GST Implementation date.

12. Allocate your closing stock into quantitative mode.

13. Rectify Mismatch Reports of Purchases, if it exist like tax amount, quantity of goods,   and any purchase returns etc.,

14. Revise your VAT Returns accordingly, with the changes made in point no.13.

15. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.

16. Classify stock – tax rate wise, purchased locally to get ITC into SGST.

17. Classify stock purchased on invoices bearing – Duty Payment & non duty payments to get ITC transferred to CGST.

18. Analyze goods & services and identify whether any one of them fall under RCM mechanism.

19. If you are in ERP which is compatible with GST, realign your General Ledger for easy reconciliation for Tax Return and GST annual return.

20. Make sure that all documents especially credit and debit note is serially numbered.

21. Try to collect information which is required to submit in TRAN – 1 form (this form shall be filed by 29th August, 2017 to claim ITC credit on closing stock held on 30th June 2017)



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