Points to ponder before GST effective date

by **joseph** Sat Mar 14, 2015 8:53 am

It is less than 3 weeks away to GST effective date on 01/04/15.

Some points to ponder:

Preparing for opening of business on 01/04/15:

Decided on your pricing
Confirmed with your consignors on the pricing to charge, if applicable
Categorised your supplies into standard-rated, zero-rated, exempt, relief or out-of-scope supply
Set default tax codes into your billing/point-of-sale/inventory control systems, where applicable
Able to generate and print Tax Invoice in the appropriate format
New menus, price display boards, brochures, quotations, online prices etc in the new prices are ready for a switch-over on the opening of business on 01/04/15
The above are meant to ensure your Output Tax is captured correctly
For operations, steps to ensure smooth transition from close of business on 31/03/15 to opening of business on 01/04/15
Suspense staff leave 1 week before and 1 week after 01/04/15, if necessary
If you intend to return any stocks to your suppliers (so that you don’t lose out on claiming only 20% of the sales tax refund), do so before 31/03/15. Ensure such transactions are reflected before GST is effective: delivery orders on the goods returned and suppliers' credit notes are complete before 31/03/15.

Preparing to capture April 2015 transactions in your accounting system:

Accounting system is able to capture Tax Codes
Default tax codes set for your sales and purchases/acquisitions/expenses
If you are changing your accounting software - ensure all the initial setup for the new software is done - chart of accounts, debtors/creditors account codes, stocks codes etc
The above are meant to ensure your Input Tax is captured correctly

by **joseph** Sat Mar 14, 2015 8:57 am

Re: Points to ponder before GST effective date