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'countervailing duty'
The GST would replace the following taxes: a. State VAT b. Central Sales Tax c. Luxury Tax d. Entry Tax (all forms) e. Entertainment and Amusement Tax (except when levied by the local bodies) f. Taxes on advertisements g. Purchase Tax h. Taxes on lotteries, betting and gambling i. State Surcharges and Cesses so far as they relate to supply of goods and services. j. Excise duty k. Excise duty levied under the Medicinal & Toiletries Preparation Act l. Countervailing duty in lieu of excise duty m. Special additional duty of customs n. Service Tax o. Surcharge and Cesses (relating to supply of goods and services). The GST Council shall make recommendations to the Union and States on the taxes, cesses and surcharges levied by the Centre, the States and the local bodies which may be subsumed in the GST.
1. Get detailed working for #Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date. 2. Allocate your closing stock into quantative mode. 3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books. 4. Rectify #Mismatch Reports of Purchases, if it exists. 5. #Revise your #VAT Returns if point no.4 applies to you. 6. Make strict follow-up to collect all the C forms/H Form/ I form. 7. Get your #Books Finalise for FY 2016-17 at the earliest. 8. Make a separate file of those items which are shown in your unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc. 9. Stock ageing be made to ascertain if any stock is more than 1year old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally. 10. Classify stock – tax rate wise, purchased locally to get ITC into SGST. 11. Classify stock purchased on invoices bearing – Duty Payment & non duty payments to get ITC transferred to CGST. 12. Inform your GSTIN / ARN to all your suppliers of Goods & Services. 13. Obtain GSTIN of all Suppliers & Buyers. 14. Apply for migration in all states if you have centralised registration under Service Tax. 15. Train your accountants for GST accounting and returns formats. 16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold. 17. Check whether any stock of one year old is lying with you. 18. Analyse P & L and see which expenses are liable to RCM. 19. Make sure your GST migration from VAT/Service Tax is complete 20. Engage GST Consultant on professional basis. 21. Train staff to prepare tax invoice, advance receipts, self invoice etc etc from June 2017 itself 22. If you are in ERP which is compatible with GST, realign your General Ledger for easy reconciliation for Tax Return and GST annual return 23. Make sure that all documents especially credit and debit note is serially numbered. Get it done through FirstMan Corporate Services LLP because we serve you beyond your satisfaction.