Dear Readers ,
Greetings !!
From today 1st July 2017 , India is entering into a new era of a single Indirect Tax regime , where in we all know that we will get rid off various different types and rates of Indirect taxation and the whole nation will be under One Nation , One Tax , One Rate.
We all know that this is one of the biggest reforms by India since independence for ease of doing business in India, and its success is very important for Indian Economy.
We must understand that there is noting 100% Right , 100% wrong, Correct or Incorrect time for implementation of any plan for betterment, hence there would be many things which might not go well and may create inconvenience for the Indian Citizen. But We have to take it in the right prospective to have smooth implementation of GST in India.
In the past few days we have heard and seen so many provisions about GST which were completely incorrect and base less, creating a weak confidence in stakeholders, at the same time there were many provisions which were correct , but not practical for government to implement. The government has issuing clarifications , notification about these things and things are being sorted out.
The objective of this article as well is to request people to have patience and do not jump to negative conclusions about GST. We know its a new law for India and people are not ready immidiately to grasp it. Things will take time to be on track, hence give it some time.
Here are some guide for you to have smooth transition of your business into GST Regime.
1. Invoicing :-
The most important thing for you to implement is to have right Invoice , immediately after GST coming into force. Because the business or sales is the only and most important thing that should not stop. Hence first of all understand the method of Invoicing and keep your invoicing part on track.
2. Aggregating Inventory Position :-
Government has allowed to carry forward the taxes and duties paid on your stock in hand on 30th June 2017. Hence the 2nd important thing to do is Aggregating your inventory , relevant documentation and reconciliation.
Understand the provision relating to carry forward of these credit and then file your TRAN - 1 Form , do not be in hurry to file early without understanding the provisions. There is a timeline of 90 Days provided by Government for Filling TRAN - 1 & TRAN - 2. So don't be in hurry.
3. Understanding Returns & Input Invoices :-
Filling of First Return of GST will be after end of July 17 , the government has already extended the due date of filling the first two return by a month almost , the due dates are
>> Due date for Filling GST of July is extended to 5th September
Hence you have sufficient time to understand the method and manner of filling of the return and procedure.
4. Self Education about Law :-
There are many routers and incorrect methods and rules floating in the social media about GST Law. Educate your self about the Law , access the government website for the help and support , refer government sites and by laws and rules for the right manner of doing things. Ask for relevant extract of provisions from your Chartered Accountant or Lawyer to have authenticity of the information. so that you don't end up doing unrequited activities.
We believe the above for factors are important for the smooth transition of your business in to GST , hence keep them in mind. Following are the government related sites for your reference.
Sites :- http://cbec.gov.in/htdocs-cbec/gst/index
Sites :- http://gstcouncil.gov.in
Sites :- https://www.gst.gov.in
Email :- helpdesk@gst.gov.in
Email :- cbecmitra.helpdesk@icegate.gov.in
Phone :- 0120 4888999
Twitter handles: @askGST_GOI, @askGSTech
I hope this will help you in resolving your queries , if you wish to connect to us mail @ rakesh@srcorporate.com
Greetings !!
From today 1st July 2017 , India is entering into a new era of a single Indirect Tax regime , where in we all know that we will get rid off various different types and rates of Indirect taxation and the whole nation will be under One Nation , One Tax , One Rate.
We all know that this is one of the biggest reforms by India since independence for ease of doing business in India, and its success is very important for Indian Economy.
We must understand that there is noting 100% Right , 100% wrong, Correct or Incorrect time for implementation of any plan for betterment, hence there would be many things which might not go well and may create inconvenience for the Indian Citizen. But We have to take it in the right prospective to have smooth implementation of GST in India.
In the past few days we have heard and seen so many provisions about GST which were completely incorrect and base less, creating a weak confidence in stakeholders, at the same time there were many provisions which were correct , but not practical for government to implement. The government has issuing clarifications , notification about these things and things are being sorted out.
The objective of this article as well is to request people to have patience and do not jump to negative conclusions about GST. We know its a new law for India and people are not ready immidiately to grasp it. Things will take time to be on track, hence give it some time.
Here are some guide for you to have smooth transition of your business into GST Regime.
1. Invoicing :-
The most important thing for you to implement is to have right Invoice , immediately after GST coming into force. Because the business or sales is the only and most important thing that should not stop. Hence first of all understand the method of Invoicing and keep your invoicing part on track.
2. Aggregating Inventory Position :-
Government has allowed to carry forward the taxes and duties paid on your stock in hand on 30th June 2017. Hence the 2nd important thing to do is Aggregating your inventory , relevant documentation and reconciliation.
Understand the provision relating to carry forward of these credit and then file your TRAN - 1 Form , do not be in hurry to file early without understanding the provisions. There is a timeline of 90 Days provided by Government for Filling TRAN - 1 & TRAN - 2. So don't be in hurry.
3. Understanding Returns & Input Invoices :-
Filling of First Return of GST will be after end of July 17 , the government has already extended the due date of filling the first two return by a month almost , the due dates are
>> Due date for Filling GST of July is extended to 5th September
>> Due date for Filling GST of August is extended to 20th September
Hence you have sufficient time to understand the method and manner of filling of the return and procedure.
4. Self Education about Law :-
There are many routers and incorrect methods and rules floating in the social media about GST Law. Educate your self about the Law , access the government website for the help and support , refer government sites and by laws and rules for the right manner of doing things. Ask for relevant extract of provisions from your Chartered Accountant or Lawyer to have authenticity of the information. so that you don't end up doing unrequited activities.
We believe the above for factors are important for the smooth transition of your business in to GST , hence keep them in mind. Following are the government related sites for your reference.
Sites :- http://cbec.gov.in/htdocs-cbec/gst/index
Sites :- http://gstcouncil.gov.in
Sites :- https://www.gst.gov.in
Email :- helpdesk@gst.gov.in
Email :- cbecmitra.helpdesk@icegate.gov.in
Phone :- 0120 4888999
Twitter handles: @askGST_GOI, @askGSTech
I hope this will help you in resolving your queries , if you wish to connect to us mail @ rakesh@srcorporate.com
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