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Thursday, March 29, 2018

GST- Important points to be considered at the end of Year - Year end GST Checklist

GST- Checklists for year-end activities / checks


Particulars
Things to be complied with or taken care of
E-way bill
E-way bill is mandatory for all inter-State supplies from 01.04.2018 if the value of taxable goods therein exceeds Rs. 50,000 
Renewal of LUT
Online renewal of LUTs for the F.Y. 2018-19 (existing LUT would not be valid supplies from 01.04.2018) - 
Cross-charges and issue of invoices
Cross-charge of costs (if any) to be made by 31.03.2018 – typically, for use of common infrastructure / maintenance, corporate office expense to branches or warehouses (etc.)
Reconciliation of outward supplies
Reconcile turnover as per books of account with that of the aggregate details reflected in the returns
Reconcile of input credits
Review of list of input credits claimed in the returns – the amount not claimed (if any) to be claimed on or before filing of returns for September 2018 or date of filing of annual return.
Transactions forming part of the balance sheet
Whether GST has been appropriately discharged - e.g. advances received, deletions to fixed assets, whether transfers between GSTINs of same PAN are nullified in-toto, reversal of credits on loss / destruction of physical stock, etc.
Ageing analysis for reversal of Input Tax Credit (ITC)
If the supplier has not been paid within 180 days, ITC claimed earlier on to be reversed (can be reclaimed as and when paid) - to review the list of ageing of creditors.
Check on suppliers' compliance status
Perform checks on whether the suppliers are filing their returns in time, and to create safeguard measures in case of defaulting suppliers
Analyse impact of exempt supplies
Review of outward supplies for identifying the tax credits that are to be reversed, if any (to the extent it relates to exempt supplies).
New series of Tax Invoices
The serial of the tax invoices should be unique to every financial year.
Review of existing GST registrations
Review of the type of GST registrations to identify shift if any – viz., from composition to regular or vice-versa.
Monthly / Quarterly option
Exercise the option for filing of monthly / quarterly returns (where the aggregate turnover for FY 2018-19 is expected to be below Rs. 1.5 Crore).

Regards,
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CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

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