1 yr ago
Advocate MANISHA BHATIA
Category : GST law
implementation of E-way bill to be implemented fromÂ 1st April 2018
implementation of E-Way Bill toÂ take off fromÂ 15th April 2018.
REVERSAL OF INPUT TAX CREDIT
Non-payment of invoices in 180 daysâ€“ As per the rules of Input Tax Credit, ITC will be reversed
for invoices which were not paid within 180 days of issue. Therefore, all old
invoices issued before 1st October,2017 should be paid before 31st
required to reconcile Cash ledger, Credit Ledger and Liability Ledger with
their books of accounts. All entries should be done before the year end. Also
Debit Note, Credit Note, Discount, etc, are required to be reconciled.
HSN CODE IN THE INVOICE
First Invoice in the new Financial Year, taxpayers should check Turnover for
the year 2017-18.
HSN CODE IN
Below Rs.1.5 Crores
Above Rs.1.5 Crores but below Rs. 5 Crores
2- Digit code
Rs.5 Crores & above
4- Digit CodeÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
NEW SERIES FOR TAX INVOICE
If anyone wants to change the series for
billing in the new Financial Year, then he can do so from 1st April,
If any taxpayer wants to register under
Composition Scheme, he can apply in Form CMP-02 before 31st March. Similarly,
if any taxpayer wants to cancel registration under Composition Scheme, apply in
Form CMP-04 before 7th April.
Note: Calculate effects of ITC on Closing Stock.
FORM GST TRAN-2
Taxpayers who have filed TRAN-1 for credit of
Excise Duty paid without any documents, they have to file the details of
outward supplies for 6 months in TRAN-2 before 31st March 2018.
Details of Purchases are being reflected on
the portal in the form GSTR-2. All the taxpayers should check the details of
Purchases before 31st March 2018.
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