Check whether you have migrated to GST and obtained GSTIN number for your business.
If you have multiple business verticals in state, check whether all vertical requires separate registration number.
Separate registration in each state of India where company has business operations.
Basic Setup Preparation
Collect GSTIN number of vendors & customers and share yours. Incorrect GSTIN number may lead to loss of ITC and penalty.
Identify unregistered party and check whether you would like to continue business with them or not. As unregistered party may increase your business cost.
If you are using ERP create new taxes, tax rates and realign your ERP as per GST.
Update your items master for HSN and SAC code.
Correct Invoice Formats
Check your invoice format is as per notified rules of Invoicing under GST.
Check your classification of services in cases such as work contract.
Check if you have correctly determined Place of Supply for various invoicing scenarios.
Check how invoices will be raised within time limit to issue invoice Under GST.
Check transactions postings
Ensure you have correct way of recording GST transaction to take proper input and avoid penalties.
Few examples are:-
Purchase From Registered, Unregistered and exempted Supplier
Capital Goods Purchases
Inward, Outward Logistics
Sales to Registered, Unregistered Customers
Calculate and take input tax credits
To avail input tax credit check relevant points. Few examples are as follows:
For GSTR 2 – receipt for goods may have to be linked with GRN
Maintaining log of payment to vendors: 180 days reversal
Purchase from unregistered dealers – reverse charge (self upload)
Import transactions (both goods and services) – self upload
Reconciliation between supplier details and purchase register
Vendor master, customer master and item master as per GST guidelines
Credit tracking in multiple states where registration is taken
Reconciliations of the tax returns and financial statements
Returns and Reporting
Preparation of data in GST return format
API based upload of transaction data
Uploading data in GSTN
Reconciliation with financial statement
Preparation for Return’s key cases e.g. Revision of returns, Invalid return, nil return, restrictions, reconciliations, rectification, notifying etc.
GST roll-out timeline
Training of key employees