GST Issues to Consider for the Closure of Books of Accounts
Ppt on GST Issues to Consider for the Closure of Books of Accounts
In the ppt. the GST issues to consider for the closure of Books of Accounts. As we all know that the first financial year for the GST is closed. Now it is the time for the verification of all the transaction/activities done by the taxpayers.
Rule 42(2)
The input tax credit determined under sub-rule (1) shall be calculated finally for the financial year before
the due date for furnishing of the return for the month of September following the end of the financial
year to which such credit relates, in the manner specified in the said sub-rule and-
(a) where the aggregate of the amounts calculated finally in respect of ‗D1‘ and ‗D2‘ exceeds the
aggregate of the amounts determined under sub-rule (1) in respect of ‗D1‘ and ‗D2‘, such excess
shall be added to the output tax liability of the registered person in the month not later than the
month of September following the end of the financial year to which such credit relates and the said
the person shall be liable to pay interest on the said excess amount at the rate specified in sub-section
(1) of section 50 for the period starting from the first day of April of the succeeding financial year till
the date of payment; or
(b) where the aggregate of the amounts determined under sub-rule (1) in respect of ‗D1‘ and ‗D2‘
exceeds the aggregate of the amounts calculated finally in respect of ‗D1‘ and ‗D2‘, such excess
the amount shall be claimed as credit by the registered person in his return for a month not later than
the month of September following the end of the financial year to which such credit relates.
Related Topic:
GST Year End Checklist
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Job Worker Related issues
Sec 2(68) ‘job work‘
means any treatment or process undertaken by a person on goods belonging to another
registered person and
the expression ‘job worker’ shall be construed accordingly;
1. Filing of FormITC 04
Details of goods/capital goods sent to job worker and received back
2. If there is the inter-state movement of goods from principal to job-worker then E-way
bill is required and the limit of Rs 50,000/- is not applicable.
