Assessee should make it a practice by equipping their staff to check books of accounts once a week and ensure that all the purchases and sales are duly recorded.
Prepare a list of suppliers and segregate suppliers who are registered and unregistered, as tax on purchases from unregistered dealer has to be paid on reverse charge basis.
Ensure that the pending returns are furnished on time for smooth transition of credit of Input Tax for VAT, Service tax and Central Excise.
Assessee should check their stock records immediately to ensure that they are complying with the rules relating to maintenance of stock from 1st July 2017.
Assessees who are not registered under the Central Excise and are having stock on which Central Excise has been charged in the invoice needs to check stock, as they will not get credit of Excise in case purchase invoices are more than 12 months old, and in case Central Excise was levied but the same is not reflected in invoices, then assessee will be entitled to input credit of CGST 40% or 60%, as applicable, if such stock is sold within 6 months.
Invoices should be raised in the new format from 1st July, 2017 so that they are not disputed by purchaser/clients.
Make a list of items in which assesse is dealing into, their tax rates and HSN Code of these items.
Display Registration Certificate on the principal place of business and other places of business. Assessee CSTIN should also be displayed on the board.