Cost Inflation Indexation For PY 2017-18

Cost Inflation Indexation For PY 2017-18

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CBDT Notified Cost Inflation Index for PY 2017-18 =272 with Base year as 2001-02 as follows:

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FINANCIAL YEAR

Cost Inflation Index

2001-02

100

2002-03

105

2003-04

109

2004-05

113

2005-06

117

2006-07

122

2007-08

129

2008-09

137

2009-10

148

2010-11

167

2011-12

184

2012-13

200

2013-14

220

2014-15

240

2015-16

254

2016-17

264

2017-18

272

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CII

Cost Inflation Index

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Note: This Notification shall come into force with effect from 1.4.2018 and shall apply accordingly to Previous Year 2017-18

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HOW TO READY FOR GST??

HOW TO READY FOR GST??

Are you ready to implement GST

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Dear Friends, Following Points need to be considered for smooth transition to GST

1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .

2. Allocate your such stock into quantative mode.

3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.

4. Rectify Mismatch Reports of Purchases , if persists .

5. Revise your Vat Returns if point no.4 applies to you.

6. Make strict follow-up to Collect all the C forms/H Form/ I forms .

7. Get your Books Finalise for FY 2016-17

8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.

9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.

10. Classify stock tax rate wise, purchased locally to get ITC into SGST.

11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.

12. Inform your GSTIN / ARN to all suppliers of Goods & Services.

13. Obtain GSTIN of all Suppliers & Buyers.

14. Apply for migration in all states if you have centralised registration under Service Tax.

15. Train your accountants for GST accounting and returns formats.

16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.

17. Check whether any stock of one year old is lying with you .

18. Analyse P and L and see which expenses are liable to RCM.

19. Be in regular touch with your GST Consultant .

 

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Regards
ACA SOURAV BAGARIA