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GST for MSME - Checklist for MSME on GST - Yes Bank - YES GST

At YES BANK we understand that transition and implementation of GST for MSME community would face some interim hiccups and hence with YES GST we have made an attempt to simplify your checklist for being GST compliance starting July 1st.

Keep this handy and tick off every box with help of your vendors, customers, internal finance teams & consultants and march your way towards being GST Ready.

Enter your details below to unlock complete content:

To START WITH Tick this OFF immediately:

(1) Display of GSTIN on Name Board exhibited at the entry of his principle place of business and at every additional place of business as per sub-rule (1) of rule 10 of GST Registration Rules.

(2) Display of GSTIN Certificate at prominent location at principle place of business and at every additional place of business as per sub-rule (2) of rule 10 of GST Registration Rules.

(3) Collecting information about following from vendors;

(a) Provisional Goods and Service Tax Number (GSTN);

(b) Application Reference Number;

(c) Registered Place Of Business;

(d) Nature of Business;

(e) Permanent Account Number (PAN);

(f) Company Identification Number, if any;

(g) States in which the vendor is having registrations;

(h) Registered Addresses of all additional places of business;

(i) HSN / SAC codes for goods / services;

(4) Copy of intimation of ARN generated on submission of migration application.

(5) Updating masters of existing vendors in terms of details mentioned in point no. (iii).

(6) Determining HSN / SAC codes for all goods and services in which we are dealing.

(7) Issuing proper Invoices – Tax Invoice for B2B transactions and Bill of Supply for B2C transactions.

(8) Keeping proper details of Outward Supplies along with Liability thereof.

(9) Keeping proper details of Inward Supplies along with ITC thereon.

(10) Keeping proper details of Debit Note as well as Credit notes, if any.

(11) Submission of our ARN / GSTIN Number to all existing venders for mention in the Tax Invoice on which we want to avail ITC

(12) Assuring that we are procuring our services / goods from registered vendors to minimise the burden of RCM (Reverse Charge Mechanism)

(13)  Uploading of declaration in Form GST TRAN-1 or GST TRAN-2 by every registered taxable person in GST specifying therein, separately, the amount of input tax credit to which he is entitled as per sub-rule (1) of rule 1 of GST Transitional Provisions Rules and this scheme shall be available for six tax periods from the appointed day as per sub-rule 4(b) of rule 1 of GST Transitional Provisions rules.

 

DO NOT Forget to Tick This Off as you move Ahead

(1) Uploading of correct details of outward supplies i.e. Sales Invoices (depending on number of Invoices per month) in one go or on real time basis. The last date for submission of these details is 10th of succeeding month.

(2) Cross-verifying correctness of details of inward supplies i.e. Purchase Invoices uploaded by Supplier on monthly basis. The last date for submission of these details is 15th of succeeding month. These details will also include the details of Tax paid under RCM.

(3) Finalizing and uploading of correct combined monthly return of outward as well as inward supplies on monthly basis. The last date for submission of these details is 20th of succeeding month.

(4) Finalizing and uploading of correct Annual return under CGST / SGST / IGST Acts, 2017. The last date for submission of these details is 31st December of respective year.

(5) Conducting, Finalizing and uploading of Audit report as required u/s 35(5) of the Central Goods & Services Tax Act, 2017. This audit can be done either by Chartered Accountant or Cost and Works Accountant.

 

Key Formats for your easy reference:

1. Payment Voucher* - https://goo.gl/72C9Xs.

2. Export Invoice - https://goo.gl/KcbakX.

3. Debit Note* - https://goo.gl/VQvysq.

4. Tax Invoice( Inter - State) - https://goo.gl/LVPBua.

5. Tax Invoice (Intra - Sales) - https://goo.gl/L2jDma.

6. Revised Invoice - https://goo.gl/1LZPMf.

7. Refund Voucher* - https://goo.gl/iqDWH4.

8. Bill of Supply - https://goo.gl/d9abwL.

9. Credit Note* - https://goo.gl/eKd17W.

10. Receipt Voucher* - https://goo.gl/jxPDjz

* Vouchers can be used in case of IGST transactions also and in that case the columns of rate and amount for CGST & SGST will get replaced by that of IGST.

Exclusively designed by YES GST Council Members:

CA. Neel Majithia, Partner – Majithia & Associates - 70456 64441

CA. Shrikant Vaishnav, Partner – Majithia & Associates – 9820327660

CA. Hardik P. Shah, Proprietor – Hardik P Shah & Co – 9375533336

Please feel free to contact any of the mentioned council members for further assistance.

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