1.  Tax Invoice/Debit/Credit Note
·  Alankit recommends to maintain separate series for each financial year for all documents to be issued / generated under GST – Tax Invoice, Debit Note, Credit Note, Refund Voucher, Receipt Voucher, Payment Voucher, Bill of Supply & Delivery Challan.
·   System Generated  documents like Tax Invoice, Bill of Supply and in specific cases like Transportation of passengers, Banking  & Insurance Companies, Financial Institutions including NBFCs can now issue invoices under Information Technology Act 2000 does not require the documents to be digitally signed.
·  A single Debit/Credit Note can be issued for passing on the benefits or trade discount or price difference against multiple invoices and vice versa.

2.Masters/Ledger
·  Alankit recommends to update Supplier/ Vendor master for reporting the inwards supply of goods or services or both when the Supplier/ Vendor changes the category of registrations in the following cases
a)  Regular to Composition Scheme
b)  Composition Scheme to Regular Scheme
c)  Regular Scheme to Services under exempted under Section 11 of CGST Act 2017.
·  In view of the GST Returns, Alankit recommends to maintain HSN codes at 6/8 digits for the items / services as it will be required for all supplies to be reported in returns along with the unit quantity code and quantity.
·  Alankit recommends to update Customer master for reporting the outward supply of goods or services or both when the Customer changes the category of registrations in the following cases
a)  Regular to Composition Scheme
b)  Composition Scheme to Regular Scheme
c)  Regular Scheme to Services under exempted under Section 11 of CGST Act 2017
d)  Regular to Unregistered vide enhanced exemption of 40 lacs in case of supply of goods
·  It is recommended to maintain appropriate ledger to avoid difficulties in annual return and new return format.Eg, In case of ITC, ledgers should be classified under Input/Input Services/Capital Goods.
For details, refer Accounting Ledgers in Goods & Service Tax.
3.Input Tax Credit
·  ITC of motor vehicles for transportation of persons having seating capacity of more than thirteen will only be available under new provisions w.e.f 01.02.2019 other than specified purpose.
·  ITC on services of general insurance, servicing, repair & maintenance is available only if ITC on purchase of motor vehicle is available.
·  ITC on motor vehicle for transportation goods will be available in all cases.
·  Reverse ITC if the conditions of Section 18 are satisfied. E.g. in case taxpayer has opted for composition scheme then he has to reverse the ITC lying in inputs, semi-finished goods, finished goods.
4.A taxable person supplying services is also eligible to take registration under Composition scheme in case if his turnover does not exceed Rs 50 Lacs during any of the previous financial year subject to certain conditions w.e.f 01.04.2019
The applicable tax rate is 6%  (3% CGST and 3% SGST).
5.In case of real estate sector for latest changes refer our next article on it.
6.There might be an impact on the working capital in view of the changes in the utilization of the input tax credit. As per the new provisions, IGST input tax credit has to be first utilized before utilizing the CGST and SGST/UTGST input tax credit.
7.Alankit recommends to maintain ledgers based on tax rates for outward/inward supplies.
8.Alankit recommends to comply with Ind As 116 which is effective from 01.04.2019.