As per the rules of Input tax credit, after issuance of tax invoice if the receiver does not make the full payment of amount within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit for the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices issued before 1st October 2017, should be paid before 31st March 2018.
Ex. Suppose the fees Rs. 10000 is payable to the Chartered Accountant on 15th September 2017, and the credit on that of Rs. 1800 has been taken in the return of that month, then the fees should be paid before 31st March 2018. Otherwise the extra payment of Rs. 1800 is to be made in the month of March.
It is compulsory to issue E waybill from 1st April 2018 for interstate transport. In case of interstate supply, the goods are in transit as on 1st April 2018, it is compulsory to generate e waybill for them. Therefore, it is necessary to take the registration under E waybill system before 31st March.
All the taxpayers should reconcile the cash ledger, credit ledger and liability ledger with their books of accounts. All the entries should be done before the year-end. Also debit note, credit note, rate difference, discount, etc also to be reconciled.
Before preparing the first invoice in the new financial year, taxpayers should check the turnover for the year 2017-18. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2the -digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.
If anyone wants to change the series for billing in the new year, then he can do that from 1st April. New numbering should be started from 1st April.
If any taxpayer wants to register under composition scheme then he can apply in Form GST CMP – 02 before 31st March. Similarly, those who want to cancel the registration under composition scheme, they have to apply in Form GST CMP – 04 before 7th April. They have to calculate the effects of ITC on closing stock.
There are various due dates in the April month for filing the returns relating to 31st March. Such as GSTR 3B for March is to be filed up to 20th April. GSTR 1 is to be filed up 10th April. GSTR 4 is to be up to 18th April and GSTR 6 is to be filed up to 13th April.
Taxpayers should check the turnover for the year 2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore then the taxpayers have an option to file the quarterly GST returns. The taxpayer can choose any of the options.
Input service distributor has to file GST return in form GSTR 6. So 31st March is the due date to file GSTR 6 from July 2017 to February 2018.
Details of purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers should check the details of purchases before 31st March.
The taxpayers who have filed the TRAN 1 and have taken the credit of Excise duty paid, without any documents, they have to file the details of outward supplies for six months in TRAN 2 before 31st March 2018 for availing 40%/ 60% credit.
As in Maharashtra VAT, there was a provision of refund for excess input tax credit, there is no such provision in GST law. Excess credit needs to be carried forward compulsorily.
At the time of valuation of closing stock as on 31st March, the input tax credit is taken on raw material, consumables, semi-finished goods is to be calculated. In Excise, there was a concept of making provision for the tax payable on the finished goods as on 31st March, no such concept was introduced in the GST.
At the time of calculating depreciation on the capital goods (other than ba building), if ITC has been claimed, then the tax amount needs to be ignored at the time of calculating depreciation.
Do the comparative check of the gross profit earned for March 2018 with the gross profit of the financial year 2016-2017 or gross profit for April 2017 to June 2018. If the gross profit ratio for the March 2018 is higher, then the taxpayer should check whether he is trapped in the Anti profiteering or not?