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TMI BlogNew Year 2019! GST ResolutionX X X X Extracts X X X X X X X X Extracts X X X X ..... New Year 2019! GST Resolution - By: - Ganeshan Kalyani - Goods and Services Tax - GST - Dated:- 1-1-2019 - - Wishing you all a very Happy and a Prosperous New Year 2019! May God bless you all with Health, Wealth and Success. Following are the resolutions I would like to do for the year 2019. I will ensure that outward supplies as shown in GSTR-1 is equal to the outward supplies sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn in GSTR-3B . I would reconcile outward supplies as shown in GSTR-1 / GSTR-3B with the books of accounts. I will ensure that only eligible Input Tax Credit (ITC) is claimed as credit in GSTR-3B . Any ineligible ITC would be reversed with the payment of applicable interest. I will reconcile ITC as per books with GSTR-2A auto-populated data. I will ensure that correct HSN GST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate is charged on all product in outward supplies. I will pay GST at correct rate on the services covered under reverse charge mechanism I will pay GST within the due date of payment of tax. I will file GSTR-1 GSTR-3B well before the due date and thereby avoid last minute website problem. I will pay my supplier for the material supplied by him to me within a period of 180 days. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I will reverse ITC proactively in case I found it was wrongly availed by me. I will reconcile IGST paid on imports with IGST claimed in GSTR-3B . Also, I will reconcile IGST ITC taken as per GSTR-3B with the IGST in ICEGATE. I will automate my reports in my accounting software which can provide me accurate data to file GSTR-1 GSTR-3B . I will prepare for GST Annual Return well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the timeline. I will generate E-way bill for all taxable supplies in case the invoice value exceeds the threshold limit. I will carry the goods along with appropriate documents viz. tax invoice, delivery challan, bill of supply etc. I will educate my suppliers to pay correct GST and file appropriate GST returns regularly. I will reconcile electronic credit ledger, liability led ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ger in GSTN with the respective ledgers maintained in my books of accounts. I will keep myself abreast of the changes in GST and comply accordingly. Thanks. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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