* Those who have turnover of up to 20 lakhs do not have to fill GST * They can comfortably do their business without worry.

* And second, those whose turnover is up to 75,00,000 (75 lakhs) have to fill only one per cent GST * Neither do they have to fill three returns of the month nor do they have to return 37 returns of the year * they are only paid quarterly and yearly returns But you will have to take a composition scheme for this

* Approximately 65 percent of the merchants in the country come under these two points. * If GST is understood, then there can be nothing better for small and medium traders, so all the merchants are requested to stop ranting about GST without thinking. Stop spreading baseless rumours, please.

 Also, the rumor is being spread that GST has the provision of arrest, but it is only the commissioner rank officer and that too only those whose turnover is 100 million or more * and that’s just some businessmen.

So, for small traders, GST is a boon. * Just need to understand it, let’s understand GST in the interest of the business and in the interest of the country and adopt it!

* A country * – * One tax * = GST

CA. Vikram Shankar Mathur
(21-Jun-2017|08:48 HrsIST)

PS: Example of a letter to client:


( Pl read all points 1-35 )
Dear Client,

1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .

2. Allocate your such stock into quantative mode.

3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.

4. Rectify *Mismatch Reports of Purchases *, if persists .

5. Revise your Vat Returns if point no.4 applies to you.

6. Make strict follow-up to Collect all the C forms/H Form/ I forms .

7. Get your Books Finalise for FY 2016-17

8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.

9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.

10. Classify stock tax rate wise, purchased locally to get ITC into SGST.

11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.

12. Inform your GSTIN / ARN to all suppliers of Goods & Services.

13. Obtain GSTIN of all Suppliers & Buyers.

14. Apply for migration in all states if you have centralised registration under Service Tax.

15. Train your accountants for GST accounting and returns formats.

16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.

17. Check whether any stock of one year old is lying with you .

18. Analyse P and L and see which expenses are liable to RCM (Reverse Charge Mechanism )

19. Be in regular touch with your Chartered Accountant

20. Kindly Place the order to your printer for * Draft Format *of Tax Invoice/ Bill of Supply/ Debit – Credit Note etc  ( as applicable to your business )

21. If you are planning to generate , invoices through any Software , do align with Software Consulting firm.

22. And Get approved the Draft ( pt no. 20-21) from your GST Expert.

23. Use  only original Softwares for Accounting & Invoicing purposes.

24. Pl pay special attentions for any Calls, mails , messages or communication of your GST Consultant/ Department.

25. Make a practise to Upload your Sales / purchases on regular basis at GST Portal

26. GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc.

27. Due Dates for uploading of Returns :

GSTR 1  :10th of Next Month

GSTR 2  :   15th of Next Month

GSTR 3. :   20th of Next Month

* ( For Regular Dealer ) *

GSTR 4. :   18th of Next Quarter      * ( Composite Dealers ) *

GSTR 5  :    20th of Next Month * ( For Non Resident )*

GSTR 6  :   13th of Next Month *(Input Service Distributors)*

GSTR 7. :    10th of Next Month * ( For TDS Returns )*

GSTR 8. :    10th of Next Month *( E-Commerce Operators )*

GSTR 9.  :   31st December of Next F.Y.

*(Registered Taxable Person)*

28. Penalty Provisions for non submission of GST returns : Rs 100/- per day but subject to max. Rs.5000/- in each acts.

29. Penalty Provisions for non submission of Annual Return is 0.25% of Annual Turnover .

30. Please Final the terms & remuneration of your GST Service provider before GST Implementation Date .

31. Option of revising the return is not available in GST Regime but you can modify your uploaded data by Debit & Credit Notes.

32. Every Normal Dealer filing GSTR 1 -3 required to submit Annual Return in GSTR 9 by the due date .

33. Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.

34. A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.

35. Input tax credit is eligible only after filing a valid GST return.

Published by vsmathur-onms

I am a chartered accountant practising in Ahmedabad, Gujarat, India. You can email me at vsmathur(at)vsmathur(dot)onmicrosoft(dot)com or vsmathurco(at)vsmathur(dot(co(dot)in as well

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