GST Era – Responsibility & Role of Finance & Accounts Department of Every Organisation or Company
Till the date, the indirect tax assessment, discharge of tax liability & its proper indirect implementation was the sole or major area of indirect tax professional only.
Whereas, for the first time the Finance & accounts department of any organisation or company will be on their toes for proper GST implementation on daily basis. It can be understood from the following aspects
a.Specified Valid Documents – First time the Credit Note, Debit Note, Books of Accounts, Bank Statements Entry, Contracts have been specified & validated legally in draft GST Act for self assessment and discharging correct tax liability under GST. This is in addition to Tax Invoice for deciding liability under GST .
c.GST Factors – Assessment, time of Supply, place of supply ,rate of tax etc will be again decided on the basis of every Credit Note, debit Note, Books of Accounts, Bank Statements Entry, contracts besides Tax Invoices.
d.Monthly returns – The details of Credit Note , Debit Note, TDS have to be declared in stipulated GSTR returns as well.
e.Consideration – The real test of consideration will be routed from accounting of any transaction at the end of finance and accounts department of any organisation or a company.
It is pertinent to note that at present, one is relying upon credit or debit note for the following purpose :
for crossing the barrier of unjust enrichment under refund
for shortages or excess etc