Checklist of information required for Income Tax Return for Asst year 2017-18 (Fin. year April 2016 to March 2017)

Checklist for Asst year 2017-18 (Fin. year April 2016 to March 2017)  of relevant  Information required for filing ITR (other than with Business Income):

S.No.	Particulars ( The list is for important particulars but is not exhaustive and may include more  depending on case to case)	Requirements. Write NA if not applicable	Remarks
1.	GENERAL INFORMATION:
	No. of Bank  accounts. How many as on 31.3.2017?
	Names, addresses, IFSC codes of all Bank Accounts
	Cash deposits during 09.11.2016 to 30.12.2016 in all bank accounts- to be declared in ITR , if  Rs. 2 Lacs or more in aggregate of all accounts.
	Whether Aadhar linked to PAN?	If not COPY OF AADHAR+ COPY OF PAN required.
	Whether Aadhar and PAN particulars match?
	Whether Mobile number on AADHAR is Correct?
	Any earlier Bank a/c Closed?
	New Bank A/c Opened?
2.	SALARY:
	Income from Various Employers	Form 16 and 12BA from all employers to be given.
	If HRA exemption claimed (part/full)	Rent Paid Rs.................
	Housing Loan a)        Principal Repayment to ...................... b)      %age of ownership (if not 100%)	Copy of Certificate from Bank/Lending Institution
	Housing Loan a)       Interest Due for the FY 2016-17 (even if unpaid) b)      %age of ownership (if not 100%)
	Any Exempt income from employer ? Detail
3.	RENTAL
	a)       Rent received details from each let out property with Address of Properties. b)      Deemed Rental Income (if more than one House Property but lying vacant) c)       %age of ownership (if not 100%)
	House tax paid during FY 2016-17 (including any arrear paid).(Note: Not allowed if unpaid)
4.	CAPITAL GAIN- on any sale of Securities/ Properties etc - Full detail for Sale and Purchase with dates. Any exemption u/s 10 or deductions u/s 54 , 54F, 54EC etc - (Discuss with details)	Relevant evidences or detail
5.	OTHER INCOMES:
	Savings account Interest total of  all Bank savings Accounts. (Please Don't ignore more particularly if over Rs. 10000 aggregate from all Banks)
	Interest on Income Tax refunds for any earlier Year.
	Interest on FDRs and Other Deposits: a)       on which TDS has been deducted b)      on which TDS not deducted
	Exempt Incomes- PPF Interest for FY 2016-17 - any other (detail) ?
	Any Other Income
6.	MISCELLANEOUS:
	Agriculture Income if any
	Foreign Assets/Incomes - Details  (if any)
	Form 26AS shall be downloaded by us
	Please bring your Passbooks along for convenience of referrals required.	Passbooks/Bank statements
	Purchase of Property during the year (if any) with sources.
7.	DEDUCTIONS CLAIMED:
	Donation eligible u/s 80G/80 GGA/ 35AC. Please ensure that stamp/ printing on receipt  of Income tax exemption order under that section)	Copy of Receipt with Address with PAN of Donee.
	Deduction u/s 80D for Medical Insurance/Preventive Health Checkups paid from S/a to ..........................
	Deduction u/s 80C (upto Rs. 150000): a)       PF b)      PPF c)       LIP d)      Tuition fee of 2 Children e)       Tax saver FDR f)       Tax saver Mutual Fund g)      Repayment of Housing Loan- Principal h)      Installments for House/flat i)        Any other
	80CCD- NPS upto Rs. 50000 maximum
	80DD- Expenses on Handicapped dependents (Rs. 75000/125000)
	80DDB- Expenses on Specified Diseases'  Rs. 40000/60000/80000
	80E- Interest on education loan
	Deductions under any other Provisions
8.	Any Brought forward unadjusted loss under Income from House Property or Capital Loss etc to be adjusted this year?
9.	For Business / Professional Income- Books of accounts etc ( on cases to case basis )

Checklist of GST - Whether you are going in a right path for GST

GST Preparedness Checklist
S.No.	Particulars of Question	Yes / No / NA
1	Have you completed GST Migration and obtained provisional GSTIN?
2	Have you identified HSN Code of Finished Goods, Raw Material and Consumable?
3	Have you identified proposed GST rates for Finished Goods, Raw Material and Consumables
4	Have you identified Accounting Code of output service and input services?
5	Have you identified proposed GST rates of output service and input services?
6	Have you checked is there any exemption under GST for Finished Goods, Raw Materials and Consumables?
7	Have you checked is there any exemption under GST for output service or input service?
8	Have you identify which of the purchase of goods / services on which you have to pay GST on reverse charges?
9	Do you kwon on which inward supply of goods/service you would get Input Tax Credit (ITC)?
10	Do you have format of Tax Invoice to be issued to your customers?
11	Do you have format of Bill of Supply to be issued in case of supply of exempt goods / services?
12	Do you have format of receipt to be issued for advance received?
13	Do you have format of invoice to be issued for purchase from unregistered person and other inward supply of goods and services covered under reverse charge?
14	Do you have format of payment voucher to be issued to suppliers in case of inward supply of goods and services covered under reverse charges?
15	Do you have format of Credit Not and Debit Note to be issued under GST?
16	Have you decided to opt for composite scheme under GST or not? If Yes, then you have to apply within 30 days from appointed date of GST.
17	Have you get your books verified to ensure no credit has been left to be taken in returns under existing law?
18	Have you filed all the returns up to appointed date under existing laws?
19	Have you received Form C, F, H, I etc. under Central Sale Tax Act related to all out of state purchase up to appointed date?
20	Have you compiled details of unavailed CENVAT Credit (ED, CVD and SAD) on capital goods as on appointed date?
21	Have you compiled details of unavailed credit of VAT and Entry Tax on capital goods as on appointed date?
22	Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which you posses duty paid invoice or other documents?
23	Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which duty paid invoice or other documents are not available? (Applicalbe only to person other than manufacture and service provider)
24	Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which you posses invoice or documents evidencing payment of VAT or Entry Tax.
25	Have you compiled details of stock held in inputs or contained in semi-finished and finished goods as on appointed date for which no invoice or documents evidencing payment of VAT or Entry Tax is available.
26	Have you compiled details of transfer of cenvat credit for registered person having centralized registration under existing law?
27	Have you compiled details of goods sent to job-worker and held in his stock on behalf of principal as on appointed date?
28	Have you compiled details of goods held in stock as agent on behalf of the principal as on appointed date?
29	Have you compiled details of VAT or Service Tax paid on inputs or input services under existing law but supply of goods or service made after appointed date?
30	Have you compiled details of goods sent on approval basis six months prior to the appointed day?
31	Have you thought how would you compile data to be entered in returns under GST?
32	Have you compiled and updated details of your vendor such as name, address, GSTIN etc.?

GST Checklist

HSN/SAC Codes and Rates of Tax: Check your HSN code for goods and SAC code for services from the attached list. Also, check the corresponding tax rate from the schedule of GST rates.

Filing of Past Returns: Ensure that all your past returns (Excise, VAT, Service Tax) are filed in time. The last date for filing of Service Tax Return for April to June is 15th August. Your Input Tax Credit carried forward from CENVAT and VAT is conditional on filing of all returns for the past 6 months and carry forward of proper credit in the last return for June.

Unclaimed Input Credit on Capital Goods: Check if there is any unclaimed input credit on capital goods. Such credit may be available all in one installment after 1st July. This will have to be specifically intimated to the GST Department.

GST Migration Status: Check that your GST Migration status is completed. If not, ensure that the same is done on 25th June when the window reopens. Ensure that a separate registration has been applied for every state in which you have a place of business.

Invoice Formats: Revise your tax invoices for both goods and services, as per the GST Invoice Rules.

Goods with Job Worker: Ensure all inputs or capital goods with job worker are returned to your place of business within 6 months from 1st July. If unreturned, the same will be treated as supply and taxed under GST.

Information from Vendors: Collect the following information from vendors by 30th June:

(i) HSN/SAC Codes of their supplies
(ii) Rates of Tax under GST of their supplies
(iii) Their GSTIN for various locations

Review Vendor Contracts: Review your existing contracts in light of the GST provisions, and wherever no contracts in writing, ensure that you enter into written contracts. Please seek professional help in this regard. You may contact us for any clarification.

Terms of Discount: The terms of offering discount to your customers should be pre-defined in the contracts. If discounts are given post-supply with varying terms, the same may be disallowed for deduction for calculating taxable value.

Review Employee Benefits: Any reimbursements to the employees beyond the pre-defined CTC may be considered as supply and taxed under GST. Please have employee compensation structures reviewed to ensure all bills filed for reimbursement are in the name of the company. Fixed Dearness Allowance may attract GST.

Exempted Goods & Services: Go through the detailed list of exempted goods & services to examine if they are supplied by you or taken as inputs.

GST Returns: 3 GST Returns are to be filed in a month and one annual return by most dealers. Review the formats attached for these returns and call us in case of any clarification.

Software Upgradation: Your accounting software (Tally, SAP, etc.) may require a GST patch. Contact your software dealer at the earliest and ensure upgradation before 1st July.

Stock Audit on 30th June: Conduct a detailed stock audit on 30th June EOD. Old stock may have to be segregated and tagged for identification. This has a direct bearing on input credit availability under GST.

Unregistered Vendors: In case any of your vendors are unregistered in GST, you will have to pay tax under the reverse charge mechanism from any procurements from them. Either ensure all vendors are registered or be prepared to make a note of all purchases for which reverse charge will have to be charged.

Freight: Any charges on account of freight recovered from your customer will be added to taxable value for computation of GST. Please communicate the same to your customers.

Working Capital Management: The new regime will require monthly closing of accounts with all revenues and expenses. GST under reverse charge may impact the working capital. Also, analyze the cost impact of the changing tax rate.

Reviewing Sales Price: Under the anti-profiteering philosophy of the tax regime, any tax savings will have to be passed on to the customer. Thus, calculations to that effect must be undertaken. Failure to do so may attract repurcussions from the GST Department.

Input Credit for Excise to Traders: Traders with excisable goods in their opening stock as on 1st July, but with tax invoices not reflecting Excise paid on inventory will be eligible to input credit for stock not older than 12 months through a 40/60 calculation mechanism specified under GST, on sale of such stock. Please ask your company's accountants to speak to us for understanding this method.

IGST on Imports: CVD and SAD will cease to exist w.e.f. 1st July. All imports to have Basic Customs Duty and IGST levied on them.

Team GST at Sandeep Ahuja & Co.

Impact of GST on Importers and Exporters

INTRODUCTION : The main objective of this article is to bring out clarity on implications of GST implementation for importers & exporters. In case of Imports, there will be no effect on levy of BCD, Education Cess, Anti Dumping Duty, Safeguard Duties etc. However, CVD & SAD shall be replaced by IGST except a few cases.

In case of Exports IGST paid on exports  or Input Tax Credit paid on exports shall be refunded.

1. IMPORT OF GOODS & SERVICES IN INDIA.

        I.            Implication of GST for Importers

a)     Taxes to be levied :  Under GST regime, Importers would be liable to pay IGST & GST compensation cess by virtue of sub sections 7 & 9 of Section 3 of Customs Tariff Act, 1975.

b)     Time of levy : IGST & GST Compensation cess shall be levied on

                                                               i.      Cargo arriving at the Customs Station of India on or after 1st July, 2017 or

                                                             ii.      Cargo arrived prior to 1st July, 2017 but Bill of Entry is filed on or after 1st July 2017.

But in case Cargo is received after July 1, 2017 & Bill of Entry has been filed in advance by the importer, then Proper Officer may recall the bill of entry & reassess the same for levy of IGST & GST Compensation cess.

c)      Non Levy of IGST & GST Compensation Cess  Tobacco products such as Pan Masala & certain other Petroleum products have been kept outside the purview of IGST & GST compensation cess.

     II.            Calculation of Duties to be paid by Importers.

a)     Levy of IGST: IGST shall be levied on value of imported goods.

b)     Value of Imported Goods shall include :    

                                                         i.            Value of Imported Article determined u/s 14(1) of Customs Tariff Act, 1962 or Tariff value fixed u/s 14(2) of Customs Tariff Act & will also include

                                                       ii.            Any Other Duty of Customs chargeable on such article u/s 12 of Customs Act, 1962 & any other tax chargeable under any other law except GST.

Value of Imported Goods  =   Assessable Value + Basic Custom Duty + Other Tax                                                                          Chargeable under any other law other than GST.

                Accordingly, Anti Dumping Duties, Safeguard Duties, Education Cess or Higher Education        Cess shall be included in value of imported goods for calculation of GST.

                However, IGST so calculated shall not added to the value of goods for levy of GST        Compensation cess.

   III.            Changes in Import procedures under GST.

a)     GSTIN to be quoted on Bills of Entry: Under GST Regime, GSTIN no. shall be used for claiming ITC of IGST paid on import of goods. Accordingly , DGFT has advised that all importers need to quote GSTIN in their bills of entry in addition to Import Export Code.

b)     PAN to be treated as Export Import Code by DGFT: DGFT in Trade Notice No. 09 dated 12.06.2017 has stated that PAN would be the Export Import Code (IEC).

Under GST regime, while PAN is the identifier at entity level, GSTIN is the identifier at transaction level.

Modified Formats of Bill of Entry: To capture  additional details as mentioned above such as GSTIN, IGST Rate & amount, GST compensation cess & amount, Electronic as well as manual formats of Bill of Entry & Courier Bill of Entry are being updated on the website of Customs dept. i.e. www.cbec.gov.in

   IV.            Imports under Export Promotion Schemes & Duty payment through Duty Scrips.

a)     Exemption of Custom Duties on Exports: Custom duties shall be exempted on imports made under Export promotion schemes namely EPCG, DEEC (Advance License)& DFIA.

b)     No Exemption for IGST & Compensation Cess: IGST & GST Compensation cess need to be paid on such imports.

c)      Scrips under MEIS & SEIS not to be used for Duties on goods covered by GST.

The EXIM scrips under MEIS and SEIS can be utilized only for payment of Custom Duties or Additional Duties of Customs, on items not covered by GST, at the time of Import.

The scrips cannot be utilized for payment of IGST & Compensation Cess. Similarly, scrips cannot be used for payment of CGST, SGST or IGST for domestic procurements.

     V.            Import of Goods by EOU's & SEZ.

a)     IGST & GST Compensation Cess need to be paid by EOU's & STP's

EOU's & STP's shall have to pay IGST &  GST Compensation Cess which can later be claimed as Input Tax Credit (ITC).

However, EOU's & STP's will continue to import goods without payment of BCD as well as other import duties.

b)     Utilization of IGST Input.

The Input of IGST paid under import of goods shall be utilized in the following manner:

                                                        i.            Utilization for payment of GST: The input credit mentioned above shall be  utilized for payment of GST on goods cleared in DTA.         

Any clearance of goods meant for export in DTA shall will attract GST besides payment of equal amount of BCD exemption alraedy availed on inputs used in such finished goods.

   VI.            Import of Goods by SEZ units.

There has been no change in SEZ scheme due to roll out of GST. Authorized operations are exempted from payment of input duties under GST.

VII.            Passenger Baggage: Full exemption of IGST has been allowed on passenger baggage. However, BCD plus education cess shall be levied @ 35% on value of baggage in excess of duty free baggage allowed under Baggage Rules, 2016.

VIII.            Input Tax Credit under Imports: ITC of IGST & GST Compensation cess shall be available to importer & other recipients in supply chain. However, no Credit of BCD will be available as was the case in earlier regime.

Following conditions need to be satisfied for claiming ITC of GST:

a)      Declaration  of GSTIN in Bill of Entry.

b)     Declaration of Provisional ID in BOE till GSTIN is allotted during transitional phase of GST.

c)      Availability of prescribed particulars in Invoice as specified by Invoice Rules.

d)     Declaration of  by such person in Form   GSTR 2.

2. Export of Goods & Services in India.

        I.            Refund of IGST paid on Exports & Exports under Bond Scheme.

IGST paid by an exporter shall be allowed as a refund to the exporter under either of the following options:

a)     Supply of Goods under Bond or Letter of Undertaking without payment of Duty & claiming refund of unutilized ITC.

                                                         i.            The exporter claiming refund of ITC shall file an application through common portal directly or indirectly through common portal notified by GST Commissioner.

                                                       ii.            Application for refund shall be filed only after the export manifest or an export report, as the case may be, is delivered under section 41 of the Customs Act, 1962 in respect of such goods.

b)     Supply of Goods & Services on payment of IGST & claim refund of such tax paid.

                                                         i.            Under this option, the shipping bill filed by an exporter shall be deemed to be an application for refund of IGST paid on the goods exported out of India &

                                                       ii.            such application shall be deemed to have been filed only when the person in charge of the conveyance carrying export goods duly :

a)     files an export manifest or an export report covering the number &

b)     the date of Shipping Bills or Bills of Export and the applicant has furnished a valid return.

     II.            Duty Drawback Scheme.

There has been very negligible changes under Duty Drawback provisions (Section 74 & 75) of Customs Act, 1962 under GST regime. Concept of All Industry Rate (AIR) & Brand Rate under Section 75 shall also continue to remain in force.

a)     Custom Duties, IGST & GST Compensation Cess to be Refunded: Duty Drawback under Section 74 shall refund Custom Duties as well as IGST & GST compensation cess on imported goods which are to be re exported. 

b)     Drawback to be limited to Custom Duties on Imported Goods: Under GST Regime, duty drawback shall be limited to custom duties on imported goods & Central Excise duty shall be refunded under duty drawback scheme only in case of inputs & fuels used for captive power generation i.e. items specified under IV th Schedule to Central Excise Act, 1944.

c)      Transitional Period of 3 months from date of GST implementation i.e. 1st July 2017.

                                                        i.            Old Scheme to be applicable for first 3 months: During this transitional period of 3 months, provisions of existing duty drawback scheme shall continue to be applicable.

                                                     ii.            Duty Drawback claim at a Higher Rate : For exports during this period exporters can claim higher drawback (AIR Rate) subject to the conditions that no IGST & CGST is claimed & no refund of IGST paid on exports is claimed & no CENVAT Credit of IGST paid is carried forward.  These higher rate of duty drawback are yet to be notified by the Govt.

                                                   iii.            Declaration by Exporter & Certificate from Jurisdictional GST Officer. These certificates will help in prevention of double neutralization of input taxes.

Contributed by team GST at Sandeep Ahuja & Co