Top 7 Things to be done - GST before 31st March Ends - GST EXPLAINED EXCLUSIVE

With just a few days left to 31st March 2018, you need to ensure that you are ahead in the GST Compliances. Here we have listed 7 things that must be kept in mind before March mania ends

1. E Way Bill  Registration: 

E- Waybill is going to be implemented from 1st April 2018. Make sure that you have registered under this system by 31st March. E waybill was postponed in Feb

2. Composition Scheme: 

If any person wants to register under composition scheme, he/she must register under the scheme by 31st March using Form GST CMP-02. See benefits of composition scheme here

3. GSTR for the month of March 2018:

It should be noted that GSTR 1 must be filed by 10th April while for GSTR 3B, the date remains same as 20th April. See here how to file GSTR 3B under 10 min

4. Details of GST Tran 2:

If you have filed GST Tran 1 and without submission of documents have availed the credit, then you must submit the documents before 31mar 2018 containing details of your outward supplies for 6 months for availing the credit as per 40%/60% standards.

5. Closing Stock Valuation:

It must be kept in mind when valuing the closing stock as on 31st March 2018, it must be valued after considering the input credit.

6. Depreciation:

If you have taken input credit in respect of capital goods(building excluded),, then you must note that while calculating depreciation  you exclude the tax amount. 

7. Input Tax Reversal:

• As per the Rule37 of CGST Act 2017, after issuance of tax invoice if the receiver does not made the full payment of consideration within 180 days then the credit taken on that invoice has to be reversed along with payment of Interest.

You should keep these 7 things in mind before 31st March 2018.

HAPPY March Ending.

Team - GST EXPLAINED.

Follow us by email for more such updates. Follow us on Telegram here