GST - 15 Things to do before March End
1. Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full payment of amount within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices issued before 1st October, 2017, should be paid before 31st March 2018. Ex. Suppose the fees Rs. 10000 is payable to the Chartered Accountant on 15th September, 2017, and the credit on that of Rs. 1800 has been taken in the return of that month, then the fees should be paid before 31st Marsh, 2018. Otherwise the extra payment of Rs. 1800 is to be made in the month of March. 2. E way bill – It is compulsory to issue E way bill from 1st April, 2018 for inter state transport. In case of inter state supply, the goods are in transit as on 1st April, 2018, it is com...