Annual Filings and Audit
8 Things you should ask your CIO/CTO to provide for GST Annual Return & Audit ?
1. Break-up of Input Tax Credit into a) Input Goods b) Input services c) Capital goods, tied up with GSTR-3B filed already
2. Vendor Wise – Invoice Wise- State wise, Details & Reconciliation of Input Credit claimed in your ERPs vs Credit appearing in your GSTR-2A
3. Status of Refunds filed by your company compared with Refund rejected/ accepted and partially processed – Port Wise Status
4. HSN Code wise summary of Inward Supplies booked in your ERPs and Input Credits Claimed on it by Accounts Payable Teams
5. Separate listing of Invoices of inward supplies received from Composition Dealers
6. Invoice Wise- Vendor Wise – State Wise listing of Input Tax Credit Reversals made and Accounting entries passed in your ERP to follow Input Credit Rules in GST
7. Details of Deemed Supply and Job Work movement and complete tracking of goods received or not – How are they captured in ERP systems?
8. EWB generated wrongly or by mistake by Transport using your Company’s GST number for moving goods of someone else – Is there any tracking & control mechanism is in place ?
Compiled by GSTStreet – Feet on the Street