Business News

1st July, 2017 is around the corner

The begining of a new Indirect Tax regime is fast approaching and its time to start planning to prepare for the Goods and Services Tax System. 
Now is a good time to start reviewing certain inputs, capital assets and stocks of finished goods owned by your business and consider what should be done prior to 1st July, 2017.

Some suggested areas for review are:

Manufacturer registered under Excise, VAT and Service Tax
 
Who is Eligible?
 
Any person registered under the Existing Law
 
Eligibility Conditions
 
Return filed under Excise, VAT or Service Tax Laws shows unutilised balance of input tax credit;
The Credit must be admissible in the GST Law;
All returns for the preceding 6 months (i.e. from 1^st January, 2017 to 30^th June, 2017 have been duly filed under the Excise, VAT, Service Tax Law;
Credit related to goods manufactured and cleared under the exemption notifications must be as per the notification;
All forms i.e. Form C, F, E1, E2, H etc. for which VAT Credit has been availed must be available with the supplier to claims the corresponding credit;
The excess input tax credit reflected in the return filed for period ended 30th June 2017 should be carried forward under GST

» Download Now