LOOK ON CURRENT REQUIREMENT OF GOVT

A. LOOK ON CURRENT REQUIREMENT OF GOVT.:

1. GSTR 3B – Summary Return for computation of Tax liability for the month of July 2017 (Income Bills/Purchase Bills) on or before 20th Aug 2017

2. Tax to be deposited before filing GSTR 3B for the month of July 2017

3. Detailed information on Bills of Supply & Purchases will be submitted in GSTR 1 & GSTR 2 on or before 5th Sep & 10th Sep 17 respectively for July 2017.

4. From 24th July window for bills up-load is going to be active and you can up load your bills daily, weekly etc. to avoid last time rush.

To sum up:

1.Output Supply value on regular supply in July 2017

Add:

2. dues on RCM purchase from unregistered dealer more than Rs 5000/ in a single day from single supplier or on advocate/ GTA bills etc

3. Advance received but goods or service is pending to supply till 31/07/2017

Less:

4. ITC c/f if you have filed ITC TRAN 1 before it

5. ITC calculated for current purchases = Net liability to be paid on or before 20th Aug 17.

Remember RCM paid in July can be claimed in Aug 2017 return because first you have to pay then you can claim from Govt.

THEREFORE NOT ONLY GSTR 3B IS REQUIRED BUT TAX FOR JULY ALSO HAS TO BE DEPOSITED ON OR BEFORE 20TH AUG.

 B. WHAT YOU SHOULD REVIEW (for pan-India operations): 

1. Your VAT returns on pan-India or their calculation if it has not filed yet (for 1/4/17 to 30/6/17)

2. Your Service Tax return centralized (if you are centrally registered) other wise simple return (for 1/4/17 to 30/6/17) due date is 15th Aug but file early.

3. Summary of your bills issues and sample of bills copy issued under GST Act from 1/7/17 to 15/7/17 (summary as per the offline utility provided by GSTN)

4. Summary Purchase Bills – separately where Reverse Charge is applicable & Not applicable along with Bills under GST Act from 1/7/17 to 15/7/17

5. Your closing stock – which includes ITC claim for VAT or CENEVAT for this claim we have to file GST Tran – 1

6. Calculation of ITC claim c/f + new generated on fresh purchases

7. Advance receipts – Ledger