Transition to GST

Key things to keep in mind with respect to accounting under GST

With every change in tax laws, there must be certain points which must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in mind while creating, maintaining & accounting records under GST 1.Invoicing: What should an invoice include? There is a prescribed format for an invoice under GST. Following things are essential: Your details – Trade name, GSTIN, Registered address. The customer’s details: Trade [...]

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Moving to GST: Carry forward of input credit held in unsold stock to GST

One of the key things of discussion for most businesses while transiting to GST is the eligibility pertaining to the transfer of input credit held in the closing stock. This is super-critical for businesses, as the rules will determine the amount of input tax credit available on the closing stock, and based on that, businesses will need to re-organise themselves in the last few days of the current taxation regime to manage their inventory effectively. Transiting rules of carry forward [...]

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Moving to GST: Carry forward of closing balance of Credit under VAT/Excise & Service Tax

Present Scenario The dealers/traders were allowed Input VAT credit but CENVAT Credit levied on Service tax & Excise were not allowed. Now, as they move to GST, they are entitled to take credit of input tax charged on any supply of goods & services. How to deal with the input tax credit? What all am I eligible for? As you move to GST, you must have questions as how would you transfer the input tax credit of VAT, Excise, Service tax etc. [...]

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How to carry forward credit of Input tax which were there in previous laws such as Excise, VAT, Service tax etc.

Elaborate provisions have been made to carry forward the ITC earned under the previous law to the GST. a) Taking credit of closing balance of credit in the last returns In order to claim this credit, declaration in form “GST TRAN 1” is required to be furnished within 90 days. b) Taking credit of un-availed credit on capital goods This can also be taken by filing the declaration in form “GST TRAN 1”. Conditions Such credit would be available only if one had filed returns for the last [...]

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