Traders should understand provisions of stock under GST: Vishwanathan

Source: The Hitavada      Date: 07 Jul 2017 09:15:17


Business Bureau,

The Institute of Cost Accountants of India, Nagpur Chapter recently conducted a programme to celebrate ‘GST Day.’ CMA N P Vishwanathan and CMA Anil B Verma were the keynote speakers. CMA K M Roa, Director of Studies welcomed the members.
CMA Anil B Verma gave detailed presentation on guide to work under GST under transition phase.

He suggested traders should allocate stock into quantative mode, gets the accounts statement from suppliers/creditors for the year ended March 31, 2017 and June 30, 2017 and compiled them from books of accounts.
Rectify Mismatch reports of purchases, if persists. Revise your VAT returns if found any mismatch. Make strict follow-up to collect all the C forms/H forms/ F forms. Make a separate file of those items which are shown in unsold stock as on June 30, 2017 e.g. purchase bills/bill of entry/Excise paying Documents etc. Classify stock tax rate wise, purchased locally to get ITC
into SGST etc.

Further CMA N P Vishwanathan enlightened the members on input tax credit (ITC) provisions, GST return filling, Composition Scheme under GST and its impact on transitional provisions.
He suggested every trader should carefully understand the provisions of stock.

Everyone should file revised return of VAT for financial year 2016-17 if necessary after checking all books of accounts and then return of April to June to be filed. Taxpayer should reconcile the VAT, Excise returns with books of accounts.
Prominently present were IPP and CCM P V Bhattad, RCM S N Mahankaliwar, Kasi Viswanathan, Chairman, and members from industry and profession. The programme was compered by CMA K M Rao. Nagpur Chapter has opened GST Helpdesk at its Chapter premise situated at 243/3, CMA Bhawan, Laxmi Nagar.