GST – is now entering the fifth financial year, went through a lot of hurdles, changes, faced economic recession, COVID threat, nearly hated by all stakeholders, stood resolute and determined. Our KEY takeaway thus far from GST with respect to ACCOUNTANTS & our trade:
• One should no longer delay filing of GSTR 3b by more than a month.
• There should not be a difference between GSTR 1 & GSTR 3B.
• GSTR 3B in excess of GSTR 1 can be explained but not vice versa
• B2B in particular needs to have business entity detail of output and input for passing of credit.
• B2C requirement is total summary of sales sold to non-GST buyers. Also books of accounts need to tally.
• Composition dealer transactions, dealer cannot have the benefit of input credit on purchases.
• Works contract are to be part of registration.
• Understand input credit restrictions, pro rata working.
• Understand ineligible credit & reversing.
• Understand difference between exempted & export sales.
• LUT is mandatory for exporters, only then eligible for refund.
• Understand what is meant by inverted duty structure.
• SEZ Supply procedures to be followed by those who are supplying to SEZ.
• GST Refund eligibility & procedure.
• RCM mechanism.
• TCS adjustment.
• In addition to this, one should know GSTR 2B reconciliation of purchases with books of accounts.