Points to consider for books finalisation
Points to consider for books finalisation
1. Please note E-way Bill is applicable from 01-04-2018 for all Inter-State movement of goods Valuing more than Rs. 50,000. 50000 value is inclusive of tax in the invoice.
2. Also as the New Financial Year commences from tomorrow, kindly ensure to re-squence your Bill Numbers
Example 1/2018-19 Or 1/2018 year should be part of your invoice series.
3. Kindly take physical stock taking of the Closing stock as on 31-03-2018 as this will be useful in finalising your Balance sheet and Profit and loss account for FY 2017-18.┬а Closing stock is to be finalised on hsn basis.
4. Kindly start the procedure of Obtaining balance confirmation from all your major Debtors, Creditors, Bankers, Loan Providers as on 31-03-2018.┬аAging of debtor creditor is must to comply with 180 days clause for reversal of itc.
5. Kindly obtain all bills of expenses pertaining to FY 17-18 before 20th April (Due Date to File GST Return) so that proper and correct inclusion of all expenses can be done within FY 17-18.┬а Even exempt purchases like freight, loading unloading charges and non Gst purchases like petroleum , electricity, water expenses to be reported. We need to do reconciliation in March GSTR 3B.
6. Reconcile your Books and GSTR-2A to ensure all transactions are Incorporated in Books in GSTR-2A means compare your purchase from the online 2A ie sale uploaded by your supplier.
7. Last date to File GST Tran-02 is 30-06-2018.
8. Reconcile Books and GSTR-1 & 3B. All three should be matched through March gstr1 and 3B.
9. In case there has been any under assessment of your Advance Tax already paid , kindly pay the same best earliest along with Interest to avoid unwarranted accumulation of Interest and penalties.
10. Kindly ensure provisioning of all expenses are done adequately and accurately.
11. Ensure TDS/TCS payment before 30th April for all the applicable transactions of FY 18-19 and timely filing of TDS returns.
12. ITR to be filed by 31/07/2018 for non audit cases.┬аBy 30/09/2018 for audit cases.
13. GST reconciliation by each dealer by 30/09/2018.
14. GST audit by 31/12/2018.
Your suggestion and recommendations welcome
CA Rashmi Jain
New Delhi, India
