GST: What to do by 30th June, 2017
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Millions of traders migrating to GST from current tax regime like excise,service tax and VAT are currently undergoing stress.The biggest concern is the old goods lying in the store and warehouse, on which the input tax of the taxes paid is to be taken in the new tax regime.
Create a separate file of unsold stock till June 30, and keep the purchase bill, bill of entry and excise paid documents ready. If any of these stock is one year old, then remove it and sell it to the tax invoice within the state, even if you have to pay a little bit of discount. Keep your stock in different categories. The goods purchased in the locality will get input credit in SGST. To get the credit of CGST, make separate list of duty paid and non-duty paid stock.If there is any kind of mismatch in your Purchase report, fix it before June 30 and revise VAT returns. Also make sure that the statutory forms like C-Form, H-form, I-Form have been collected.
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