The issues which will hover for GST compliance during transition will be as below:
Carry Forward of Cenvat Credit & VAT Input Tax Credit in respective returns.
Issues related to accounting of unavailed CENVAT credit in respect of Capital Goods
Price revision i.e upward as well as downward by stipulated date .
Issuance of supplementary invoice or debit note within 30 days of such revision. Downward revision will require to be complied with tax reduction and reduction of input tax credit.
All previously filed refund claims will be sanctioned in cash and in accordance with old provisions i.e pre GST laws.
It must be understood that GST will require highest compliance ofGST laws ever have to be done in any indirec tax regime.
There are further many hidden aspects which shall have to be taken care of during the transition period.The GST Compliance is not that difficult but going by the say that “a stich in time saves nine”, the due dilgence will be the must to avoid any litigation .
To know more on GST Compliance, please connect with our GST advisory law firm on firstname.lastname@example.org.
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