Things to do before the end of 31st March 2018:
1. Linkage of Aadhaar with
PAN: It must be noted
that the return of income tax payer will not be processed if Aadhaar is not
linked to PAN. However the deadline for linking of Aadhaar with mobile phones
and bank account has been extended infinity.
2. Filing of Pending Returns: 31st March, 2018 is
the last date for filing Income tax return for AY 2016-17 and 2017-18. One must
file the belated income tax return by the end of 31st March, 2018.
3. Compulsory investment under
PPF: The minimum
compulsory annual contribution to PPF account is Rs. 500. So if you have PPF
Account then you need to contribute at least Rs. 500 per financial year. The
last date of this contribution is 31st March, 2018
4. Calculation of Deductions: Certain Deductions are allowed to
individual tax payers for Investment made in certain specific sectors in order
to avail tax benefit. Such calculation shall help you to further diversify the
Investments for maximum Deductions like u/s 80C, 80D, 80G etc.
5. Investment Strategies to claim
deductions: Various investments
are allowed to claim exemptions and deductions along with benefit of
opportunity to earn returns on such investments. Thus to avail maximum
deductions, such investments are to be made before 31st march to include
it in the previous year for the future prospect.
6. Claim reimbursements in case of salaried employees: Salaried individuals are entitled to
certain reimbursements on the basis of their salary structure such as medical
reimbursements, Telephone, leave travel, house rent allowance etc. To claim
such tax exemption, such persons need to submit the proof of such expenses to
their employers.
7. New series for
tax invoice – If anyone wants to change the series for billing in the
new year, then he can do that from 1st April. New numbering
should be started form 1st April.
From GST prospective
8. 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.
9. E way bill – It is
compulsory to issue E way bill from 1st April, 2018 for inter
state transport. In case of interstate supply, the goods are in
transit as on 1st April, 2018, it is compulsory to generate e
way bill for them. Therefore, it is necessary to take the registration under E
way bill system before 31st March.
10. Reconciliation – All the
taxpayers should reconcile the cash ledger, credit ledger and liability ledger
with their books of accounts. All the entries should be done before the year
end. Also debit note, credit note, rate difference, discount, etc also to be
reconciled.
11. HSN Code in the
Invoice –
Before preparing first invoice in the new financial year, taxpayers should
check the turnover for the year 2017-18. Taxpayers whose turnover is above Rs.
1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers
whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers
whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in
their invoices.
12. Composition
scheme –
If any taxpayer wants to register under composition scheme then he can apply in
Form GST CMP – 02 before 31st March. Similarly, those who wants
to cancel the registration under composition scheme, they have to apply in Form
GST CMP – 04 before 7th April. They have to calculate the
effects of ITC on closing stock.
13. Monthly/
Quarterly returns – Taxpayers should check the turnover for the year
2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers
have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore
then the taxpayers have an option to file the quarterly GST returns. Taxpayer
can choose any of the option.
14. Form GST TRAN 2 – The
taxpayers who have filed the TRAN 1 and have taken the credit of Excise duty
paid, without any documents, they have to file the details of outward supplies
for six months in TRAN 2 before 31st March 2018 for availing
40%/ 60% credit.
15. GSTR 6 – Input
service distributor has to file GST return in form GSTR 6. So 31st March
is the due date to file GSTR 6 from July 2017 to February 2018.
16. Refund – As in
Maharashtra VAT, there was a provision of refund for excess input tax credit,
there is no such provision in GST law. Excess credit needs to be carried
forward compulsorily.
17. GSTR 2 – Details of
purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers
should check the details of purchases before 31st March.
18. Valuation of the
closing stock – At
the time of valuation of closing stock as on 31st March, the
input tax credit taken on raw material, consumables, semi finished goods is to
be calculated. In Excise, there was a concept of making provision for the tax
payable on the finished goods as on 31st March, no such concept
was introduced in the GST.
19. Anti
profiteering –– Do
the comparative check of the gross profit earned for March 2018 with the gross
profit of financial year 2016-2017 or gross profit for April 2017 to June 2018.
If the gross profit ratio for the March 2018 is higher, then taxpayer should
check whether he is trapped in the Anti profiteering or not?
Reach us :
A. G. Chandak & Associates
Office No. 2, Gera 77, Kalyani Nagar, Pune 411 006
Tel: 7757024647 /9423734647
