Action Point for Financial Year 2018-19 for all assesses
1. The company may develop the “New Series” of all documents to be issued like Tax Invoice. Export Invoice, Bill of supply, Receipt Voucher, Payment Voucher, Refund voucher, Debit Note, Credit Note, Delivery challans for new Financial Year 2018-19.
2. The company required to Mention HSN on the basis of Annual turnover in the preceding F.Y.
Up to rupees 1.5 Crore – Nil
More than rupees 1.5 Crore and up to rupees 5 Crore – 2
More than rupees 5 crores – 4
3. The company need to apply for fresh LUT for Financial Year 2018-19, in case exporters exporting goods/services without payment of Tax and for supplies made to SEZ without payment of tax.
4. Interstate E-way bill is applicable w.e.f 1-04-2018.
5. Filing of TRANS 2 for July to December 2017.
6. Option to file TRAN 1 available for assessee’s who have earlier submitted the TRAN1 but could not file due to technical difficulties.
Action Point for Financial Year 2018-19
7. In case the turnover of assessee exceeds 1.5 Crores, opt for filing monthly returns, otherwise opt for quarterly returns. (At the time of filing GSTR 3B for the month of April-18).
8. The company required to fill Form GST CMP 02 in case it wants to opt composition scheme.
9. The decision to opt for special valuation provisions or go with normal provisions specifically in case of supply of services in relation to the sale or purchase of foreign exchange.
10. ITC Credit: As per 2nd proviso of section 16(2) of CGST Act, 2018 in case the payment for purchase not made within 180 days, then the assessee is required to reverse the ITC booked with interest. Thus, command requires to analyses the creditors for FY 2017-18.
Action Point for Financial Year 2018-19
11. Banking companies and financial institutions to decide either to opt normal provisions for calculation of ITC required to be reversed or go with special provision (50% reversal).
12. Calculate the final amount of ITC reversal i.e. D1 and D2 on the basis of actual turnover of F.Y. 2017-18.
13. Annual Reconciliation of Books and GST returns: For this company is required to reconcile the Sale Ledger/ GST Liability / Cash Ledger/ Credit Ledger as per books and as per GST returns. Further, in case there is different then the company is required to take the effect of same in March 2018 GSTR 3B and GSTR 1.
Action Point for Financial Year 2018-19
Hope the information will assist you in your Professional endeavours.