GST - Initial Process: EximGuru.com

Initial Process

Under the Initial Process entity is required to collect various information related to Self,vendors, customers, employees & term/conditions therewith.

Maintenance of Self Entity Profile

Before starting the implementation of GST in any entity, entity must know about itselfrelated to constitution, nature, ownership, KMPs, locations, products or services dealing,existing registrations details and GST registration details etc.

For maintenance of entity profile, you may construct your own template format afterdiscussion with your GST Consultant and management of the entity or you may use theExcel Format developed by RNA Team, namely “Entity Master Data”.

Maintenance of Vendor Profile

In the GST regime, particulars related to Vendors play an important role for doing businessoperations without interruptions and maintaining and proper use of efficient WorkingCapital.

In regards to Vendor Profile, be ensure that profile must comprises following information:

• Name of Vendor
• Address of Vendor
• Name, Email ID & Contact Number of Concerned person representing Vendor
• Nature and Constitution Type of Vendor
• Details of All Additional Places
• Place of Supply of goods & services
• Details of GSTIN ………….. etc.

For maintenance of Vendor Profile, you may construct your own template format afterdiscussion with your GST Consultant and management of the entity or you may use theExcel Format developed by RNA Team, namely “Vendor Master Form”.

Maintenance of Customer Profile

The well-satisfied customer will bring the repeat sale that counts the success of business. In the GST regime, you are required to maintain and submit many particulars related to Customer.

For maintenance of Customer Profile, you may construct your own template format after discussion with your GST Consultant and management of the entity or you may use the Excel Format developed by RNA Team, namely “Customer Master Form”.

In regards to Customer Profile, be ensure that profile must comprises following information:

• Name of Customer
• Address of Customer
• Name, Email ID & Contact Number of Concerned person representing customer
• Nature and Constitution Type of Customer
• Details of All Additional Place
• Place of Supply of Goods or Services or Both
• Details of GSTIN ………….. etc.

Maintenance of Employees Profile

Employees are the success launcher of business and employees play vital role in creation of Goodwill of the entity. In the GST Regime, you are required to evaluate the terms of letter or agreement of appointment/service executed with employees and in many cases entity require more information specifically related to the employee for valuation of supply.

For maintenance of Employee Profile, you may construct your own template format after discussion with your GST Consultant and management of the entity or you may use the Excel Format developed by RNA Team, namely “Employee Master Form”.

Contracts & Agreements

Contracts, Agreements and content typed therein, play a Vital role in running smooth and continuous business. Pros and cons related to impact of GST on existing contracts and agreements are already discussed in our GST workshops. Every entity requires re- execution or updation of all the following existing contracts and agreements:

• Lease or Rent Agreements
• Supply Contract or Agreement executed with vendors
• Supply Contract or Agreement executed with customers
• Employee Service Agreement or Contract
• AMCs Contract or Agreement
• Any Other Agreement or Contract