Additional checks for Annual Closing of Book of Accounts for FY 2017-18 :
• Records for Inputs and Capital goods sent to job-worker and not received as at year end date. Required of taking confirmation.
• Reconciliation b/w 26AS and income recorded in books of accounts & declared in GST. Income Accrued in books- • Implication under GST.
• Input tax credit (ITC) missed out in GST returns of FY under audit.
• Reversal of ITC on actual basis as per Rule 42 at year end and its effect in books.
• Purchase Invoice raised in March 18, Goods received in April 18. When to take ITC? GSTR 2A Vs GSTR 3B
• Records for Inputs and Capital goods sent to job-worker and not received as at year end date. Required of taking confirmation.
• Reconciliation b/w 26AS and income recorded in books of accounts & declared in GST.
Income Accrued in books- • Implication under GST.
• Input tax credit (ITC) missed out in GST returns of FY under audit.
• Reversal of ITC on actual basis as per Rule 42 at year end and its effect in books.
• Purchase Invoice raised in March 18, Goods received in April 18. When to take ITC? GSTR 2A Vs GSTR 3B.
• C/f of balance credit as per ST-3 returns, Excise returns, VAT returns under GST – Tran 1/Tran 2/Tran 3. Entries to be made to give effect to such credits.
• Credit on CG (Bal-50%) has been taken in TRAN return or needs to be expensed in books.
• 60%/40% credit taken on stock – Stock value is reduced in the books of accounts to that extent.
• Excise Credits for traders on closing stock as at 01-07-2017.
• Review of Refund claims- Refund amount claimed should be shown as asset in books of accounts.
• Payment to the vendor has been made within 180 days from the invoice date.
• Re-conciliation of GSTR 2A with Credits taken as per GSTR 3B & books