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:
\n\u2022 One should no longer delay filing of GSTR 3b by more than a month.
\n\u2022 There should not be a difference between GSTR 1 & GSTR 3B.
\n\u2022 GSTR 3B in excess of GSTR 1 can be explained but not vice versa
\n\u2022 B2B in particular needs to have business entity detail of output and input for passing of credit.
\n\u2022 B2C requirement is total summary of sales sold to non-GST buyers. Also books of accounts need to tally.
\n\u2022 Composition dealer transactions, dealer cannot have the benefit of input credit on purchases.
\n\u2022 Works contract are to be part of registration.
\n\u2022 Understand input credit restrictions, pro rata working.
\n\u2022 Understand ineligible credit & reversing.
\n\u2022 Understand difference between exempted & export sales.
\n\u2022 LUT is mandatory for exporters, only then eligible for refund.
\n\u2022 Understand what is meant by inverted duty structure.
\n\u2022 SEZ Supply procedures to be followed by those who are supplying to SEZ.
\n\u2022 GST Refund eligibility & procedure.
\n\u2022 RCM mechanism.
\n\u2022 TCS adjustment.
\n\u2022 In addition to this, one should know GSTR 2B reconciliation of purchases with books of accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"
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: \u2022 One should no longer delay filing of GSTR 3b by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[108,26,110,100],"class_list":["post-326","post","type-post","status-publish","format-standard","hentry","category-accounts","tag-accounting","tag-gst","tag-gstr-3b","tag-total-solutions"],"_links":{"self":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/comments?post=326"}],"version-history":[{"count":1,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/326\/revisions"}],"predecessor-version":[{"id":327,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/326\/revisions\/327"}],"wp:attachment":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/media?parent=326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/categories?post=326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/tags?post=326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}