Chartered Accountant | Blogger | Business Analyst | Virtual CFO
GST - THINGS TO BE TAKEN CARE BEFORE SEPTEMBER 2019
GST has completed its second
financial year and there are certain critical issues we have faced while
compiling GSTR-9 for 2017-18. So it is necessary to be consider following
critical areas by the taxpayers on or before 30 September 2019.
1. Any Amendment of Invoices or Credit Note relating to Financial
The Invoices related to last financial year uploaded in GSTR-1
cannot be amended or altered later filing the GSTR-1 for the month of Sep
2019. Any corrections to be done has to be taken care now. Otherwise we
would face mismatches while compiling the GSTR-9 for 2018-19
2. Any differences between Books and 3B Return has to be adjusted
(increase or decrease) before September
The difference between 3B and Books or any errors in 3B returns
has to be corrected in the forthcoming 3B returns for the month of August
and September. If the corrections are not done, we would face differences
while compiling GSTR-9 for 2018-19 and it would create differential tax
liability and unwanted additional Interest.
3. Credit Notes in relation to supplies made upto 31st March 2019
cannot be issued after 30th Sep 2019
The Credit notes in relation to supplies for the previous
financial year 2018-19 on account of any reasons (like variance in
price, discount, cancellation of contract, return of supplied goods )
have to be issued before 30th Sep 2019.
4. Availing of Input Tax Credit for Invoices/supplies relating to
last year should be taken before 30th Sep 2019
Any credit on account of Inward supplies , which was not availed
has to be availed before 30th Sep 2019. If not availed, then the Credit
would be lapsed. Please also note the other conditions that credit on a
invoice cannot be taken after one year from the date of Invoice. It is
also to be noted that any excess credit availed also has to be reversed
before 30th September along with Interest.
5. Reconciliation of Books, GSTR-1,GSTR-3B and GSTR-2A
The Complete and through reconciliation of the data reported in
GSTR-1, GSTR 3B and GSTR-2A with the books of accounts would be great
saviour to us. We may not face any huge difference while compiling GSTR-9
and we wont miss any unavailed Input credit.
Business Life after Lock down is not going to be easy ride for anyone, except for few sectors such as Pharma, Software. The working capital management is going to be a big concern for every company , irrespective of scale of the company. Don't look as we lost two months in our business cycle; Instead, Do approach that you only have 10 months in this financial year - Change your approach. Following would be key points that need to be addressed for 1. SURVIVAL IS KEY Be any crisis, the Survival should be the objective of every business. As a Entrepreneur, Do chalk out a Business Continuity Plan to survive the crisis. Don't worry too much about the downfall in the growth & pressure clouds on cash flow. Even Majors are going to undergo this. Be Open & Do all the possibilities to survive. 2. CUSTOMER ENGAGEMENT - 80:20 ANALYSIS Do apply 80:20 analysis to last three year sales data and gather the customers through whom we received 80% of business in the last thre
As per recent notification, every person holding DIN (Director Identification Number) has to file Form DIR-KYC to update the KYC data of each directors. This practice of filing this form is to be continued year on year as explained by government to have curb on inactive and bogus directors on records. The due date was filing was extended to 15th September 2018 from 31st August 2018 Note: - The form has to be digitally signed by Director and Practising Professional - If form is not filed, the DIN will become inactive and it would effect the continuance of directorship in any companies. - DIN can be activated by filing KYC form by paying late fee of Rs.5000/-
I dont find any direction or action or revival or planned approach in this government. We have to accept this government has failed miserably in all fronts. Nothing has done what was promised. They acted as typical Indian government. All mantras remains fake mantras. On whatever subjects - BJP has accussed of congress remains the same or they just changed the name of the policy. So they played cheap politics to come to power. I cant forgot how BJP stalled parliament for 365 days and make the congress government as non-functional. People are Masters; Time will test it. Iam worried this will be another failure of BJP like in 2003 by Mr.Vajpayee. And we will again have to sustain only with Congress government and they wont have majority power in the house to perform any acts, despite having good policy makers. Health Insurance - will be another scam or add to our fiscal deficit Does we have to believe that insurance scheme is part of growth policy ? Should government offer quality