30 Most Important Questions for GST Preparedness

Is your business GST Ready?

Goods & Services Tax (GST) is the most important business decision your organization needs to make. GST expert team to assess present business model, tax structure and examine logistic model. You also need a GST expert to review pricing and marketing strategy.

From evaluation of tax credit mechanisms to ERP processes involved in procurements, supplies, payments, and other control mechanisms, an experienced taxation and business lawyer can play a key role in the smooth transition from current tax model to GST compliance.

Adv GR Rajesh Kumar can help your organization in reviewing of existing exemptions, benefits, and concessions that are enjoyed under the current system of taxation and help your organization to avail tax benefits on inter-state sales and stock transfers.

Here is the most important GST preparedness checklist:

1. Have you completed GST Migration and obtained provisional GSTIN?
2. Have you identified HSN Code of Finished Goods, Raw Material and Consumable?
3. Have you identified proposed GST rates for Finished Goods, Raw Material, and Consumables
4. Have you identified Accounting Code of output service and input services?
5. Have you identified proposed GST rates of output service and input services?
6. Have you checked is there any exemption under GST for Finished Goods, Raw Materials, and Consumables?
7. Have you checked is there any exemption under GST for output service or input service?
8. Have you identified which of the purchase of goods/services in which you have to pay GST on reverse charges?
9. Do you know on which inward supply of goods/service you would get Input Tax Credit (ITC)?
10. Do you have the format of Tax Invoice to be issued to your customers?
11. Do you have the format of Bill of Supply to be issued in the case of supply of exempt goods/services?
12. Do you have the format of receipt to be issued for advance received?
13. Do you have the format of an invoice to be issued for purchase from an unregistered person and other inward supply of goods and services covered under reverse charge?
14. Do you have the format of payment voucher to be issued to suppliers in case of inward supply of goods and services covered under reverse charges?
15. Do you have the format of Credit Not and Debit Note to be issued under GST?
16. Have you decided to opt for a composite scheme under GST or not? If Yes, then you have to apply within 30 days from appointed date of GST.
17. Have you got your books verified to ensure no credit has been left to be taken in returns under existing law?
18. Have you filed all the returns up to appointed date under existing laws?
19. Have you received Form C, F, H, I etc. under Central Sale Tax Act related to all out of state purchase up to appointed date?
20. Have you compiled details of unavailed CENVAT Credit (ED, CVD, and SAD) on capital goods as on appointed date?
21. Have you compiled details of unavailed credit of VAT and Entry Tax on capital goods as on appointed date?
22. Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which you possess duty paid invoice or other documents?
23. Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which duty-paid invoice or other documents are not available? (Applicable only to person other than manufacturer and service provider)?
24. Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which you possess invoice or documents evidencing payment of VAT or Entry Tax?
25. Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which no invoice or documents evidencing payment of VAT or Entry Tax is available?
26. Have you compiled details of the transfer of CENVAT credit for registered person having a centralized registration under existing law?
27. Have you compiled details of goods sent to job-worker and held in his stock on behalf of the principal as on appointed date?
28. Have you compiled details of VAT or Service Tax paid on inputs or input services under existing law but the supply of goods or service made after the appointed date?
29. Have you compiled details of goods sent on approval basis six months prior to the appointed day?
30. Have you compiled and updated details of your vendor such as name, address, GSTIN etc.?