Author Name:   lexcomply

GST would turn into a reality and the country could witness changes in the customary methods for working together.

GST would turn into a reality and the country could witness changes in the customary methods for working together. Organizations at this moment have the choice to proactively grasp this change, comprehend its complexities and remove a business advantage from this change by acting quickly.

Since the tax system is in the transitional stage, henceforth, this is the ideal time for organizations to comprehend the quick action points for smooth implementation of the GST.

# Migrate the Registration
# Classifying the transaction into Goods and Service and Place of Provision
# Get the tax rate of the goods and service
# Prepare the detail of Stock in hand
# Prepare the detail of Capital Goods in Hand
# Filing of form GST Tran-01 for claiming input held in stock
# Prepare the list of unregistered supplier (as on reverse charge basis tax to be paid by recipient)
# Maintenance of record of credit and debit note
# Preparation of necessary particulars to be included in Invoice
# Updation of GSTIN to Vendors and customers which will be different in different states.
# Upgrading or changing the accounting software
# Understanding place of supply for GST Impact
# Understanding sales policy including return of goods for GST impact

Disclaimer: This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.

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