Things to do before GST

GST is less than a week away, Rosin Wale tried to settle the nerves and brings a last minute check of things need to done

  1. Get Registered for GST
  2. Under GST, those who are supplying goods or providing any services needs to get registered under GST
  3.  An entity which is already registered under any existing law should get itself migrated to the GST portal
  4. Unregistered entities need to get registered when the registration window gets open(the likely date to open is 27th June 2017)
  • Get ready to Issue Invoices
  • Things to take care of
    • HSN Code of Items you deal in
    • GST Rate on those items
    • For Local Sales nomenclature to be used is SGST(state GST) and CGST(central GST)
    • For Interstate Sales nomenclature to be used is IGST(Integrated GST)
  • Set your accounting software to issue invoice based on GST
  • As most of the dealers at our level is using Tally, tally have issued a GST release (Tally GST release)
  • Other dealer who are using paper bill books needs to get new bill books printed as per GST invoice format

For any help in setting up the invoices, you can contact us. We will be more than happy to help you.

  • Claim Credit For Taxes
  • Claim credit for various taxes paid on stock in hand
  • Carry forward your tax credits – For this you have to submit all the required forms(like C,F, E1,E2 etc)
  • Determine the price of products early
  • Prices are subject to change as previous prices are on basis of VAT/Exicse/CST
  • Understand the nuisances of GST and adapt quickly to the changing prices

A big change is going to happen in Indian Indirect Tax regime, no one is clear that how the market will unfold. But we believe, in the early days we will resist to the change but eventually we will adapt ourselves with GST. And hopefully it will be a better environment to do business.

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