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What will be cut over activity for GST Implementation be handled

Apr 27, 2017 at 05:04 PM

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Former Member

Request you to please share some points for Cutover activity and the approach for it, for GST Implementation

How will the below be handled :

1.Open Purchase Orders/Scheduling Agreements

2.Open Vendor Invoices.

3.Stock in transit

4.Existing Tax Codes.

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3 Answers

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Former Member Apr 28, 2017 at 05:11 AM
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Hi Harsh,

Still you need to wait some more time for better clarification. but process will be as below-

1.Open Purchase Orders/Scheduling Agreements

If the materials are not received from Vendors, Open Purchase Orders with old Taxes has to be closed before GST go-live date and new PO’s to be created with new pricing / tax conditions.

2.Open Vendor Invoices

its process will be same as open PO.

3.Stock in transit

•As per the transitional provisions of Model GST law, Credit of taxes paid on stock in transit as on the effective day of GST implementation can be taken in the system.

-If the invoice / tax paying document is either received by client within 30 days from the effective day of GST implementation.

-Upon showing reasonable cause, Officer may extend by additional 30 days.

- and for transit stock GR & Invoice verification to be done based on old purchase order and account old taxes.

4.Existing Tax Codes

need to create new tax code with new condition record.

Thanks

Upendra

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Former Member

Hello Upendra,

Thank you for the inputs.

I would request you to please provide some more clarity on the Stock in Transit.

I am not quite sure I understand correctly .GR and IR for the stock in transit if done as old taxes so meaning we will avail credits as per Excise ?

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Former Member Apr 28, 2017 at 05:11 AM
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Hi Harsh,

Still you need to wait some more time for better clarification. but process will be as below-

1.Open Purchase Orders/Scheduling Agreements

If the materials are not received from Vendors, Open Purchase Orders with old Taxes has to be closed before GST go-live date and new PO’s to be created with new pricing / tax conditions.

2.Open Vendor Invoices

its process will be same as open PO.

3.Stock in transit

•As per the transitional provisions of Model GST law, Credit of taxes paid on stock in transit as on the effective day of GST implementation can be taken in the system.

-If the invoice / tax paying document is either received by client within 30 days from the effective day of GST implementation.

-Upon showing reasonable cause, Officer may extend by additional 30 days.

- and for transit stock GR & Invoice verification to be done based on old purchase order and account old taxes.

4.Existing Tax Codes

need to create new tax code with new condition record.

Thanks

Upendra

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Hi Upendra,

If we use same tax codes after tax migration TAXINN...then no need to close the open PO/SO.

Correct?

Or we need to close open order in this case too.

Please clarify.

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Former Member May 01, 2017 at 07:21 AM
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Existing Tax Codes

We can tax the same code with new condition type wef 01.07.2017


Chandan

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