A Guide to Traders for Shifting from MVAT to GST Regime

Other Important Aspects to be Taken Care of before Implementation of GST:

Motor Vehicles Goods/Service      for     Personal Consumption ITC For Exempted Supplies Goods Lost/Stolen or distributed as free samples

GSTR-1 – Details of outward supplies of taxable goods (10th of Subsequent Month) GSTR-2 – Details of inward supplies of taxable goods and/or services claiming input tax credit (15th of the subsequent month) GSTR-3 – Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the Payment of Tax (20th of the next month) GSTR-9 – Annual Return (31st D

Form 231/232/233/III-E: Quarterly VAT/CST Return along with Payment of Tax (21st of Month Succeeding Quarter) Due Date: 31st December of next Financial Year Due Date: 15th January of next Financial Year

  1. Payment to Supplier must be made within 180 days
  2. Every single Purchase Invoice must be matched with Invoice of Supplier while uploading return for the month and Supplier must make payment of Tax However, filing of Annexures J1 & J2 was to be made and mismatch in J1 & J2 in subsequent yearsled to payment of Credit Amount. Penalty @ 0.25% of Annual Turnover will be levied for Late Filing of Annual Return

Name, Address, GST TIN of Supplier Name, address, GST TIN of Recipient (If recipient is registered Person under GST) Product Details such as HSN Code, Rate of GST applicable on it, Quantity Sold, Rate and Amount CGST/SGST/IGST must be reflected separately

Please Note that such Rating of every dealer will be made reflected on GST Portal. So, it is advisable to maintain your rating good to avoid loss of Business Reputation SGST – SGST IGST ⇒       IGST – CGST – SGST Note: CGST & SGST Cannot be Set-Off against each other CST ⇒ CST

Gear up to Issue Invoices with Important Details and Charge GST from 1st July, 2017 itselfGet Ready with your Closing Stock Working as on 30th June, 2017 and Match it with Purchase your InvoicesClaim of Excise will be made available @ 100% on closing stock where Excise paid is reflected in Invoice. If Excise paid is not Reflected then 60%(where GST Rate is >= 18%) or 40% (Where GST Rate < 18%)Inform your GST Provisional ID & ARN to all Your Suppliers and also Collect it from your CustomersDetermine HSN Codes of Products you are dealing in and Tax Rate Applicable on itThe Payment of GST can be made through RTGS/NEFT/Debit Card/Credit Card/Cash (Amount < Rs. 10,000)

Annexure-I Example 1: Supplier A of Maharashtra sold Goods to Buyer B of Maharashtra worth Rs. 100 (Applicable Tax Rate on Goods was 18%)

In both cases the Buyer of Goods B will get set off of Rs. 18Therefore, Cost of Purchase for B of Maharashtra will be Rs. 100

Example 2: Supplier A of Maharashtra sold Goods to Buyer B of Gujarat worth Rs. 100 (Applicable Tax Rate on Goods was 18%) Compiled by Lakhan Fatehchandani Recommended Articles –

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