GST Checklist: All That You Need to Be GST Ready

Take a breath! GST is here. The need for being GST-ready has reached its peak point now. Now, it’s time for the businesses to prepare themselves and mould their accounting practices according to the requirement of the new rules and formats.

Below is your checklist to becoming GST-ready:

• Detailed working of closing stock as on 30th June 2017 – make sure to file the return for the tax period ending on 30th June, by the appointed time
• Apportion your closing stock into quantity and item rate per quantity
• Classify stock according to rate, purchase type (interstate or intrastate), duty paid or exempted
• Compare your books with values shown by your debtors/ creditors as on 30th June 2017
• File the form TRAN-1 by 31st October, and TRAN-2 on a monthly basis until December. This is an important process for claiming ITC on old stock
• Collect Form-C, Form-H, and Form-I for the stocks on which ITC is to be claimed
• Finalize your Books of Accounts along with stock details provided to banks/ financial Institutions
• Provide your GSTIN to all your suppliers and collect GSTIN from all customers
• If registered as centralized service provider, apply for migration for such states where your business may be operable
• Make a list of rates under GST for all goods that you deal with
• Make a list of all such on which reverse charge will be applicable
• Ensure that all debit/ credit notes are serially numbered
• Check that your existing accounting software is integrated with your GST return filing software
• Make sure that your invoicing solution is in line with the formats and rules for invoicing under GST. Also, be sure to check the invoicing series applicable to your product
• Ensure that you are sending out a tax invoice for supplying taxable goods and services, and a bill of supply for exempted, nil-rated, and non-GST goods and services
• Decide and prepare a list of Place of Supply for all your business activity

If you are using any version of Tally as accounting software, you can easily import all your sales and purchase data to ClearTax GST software and file your returns. Now you can integrate your Tally data and use ClearTax GST software for all GST compliance.