10 Advisory Points by a CA which are generally not followed by SMEs and Public at Large
♦ Amendment of GST Registration – Updating all Place of Business, HSN and SAC Code of new products / services, Bank Accounts, Change in Management and Authorised Signatories
♦ Voluntary use of 8 digit HSN Codes for all GST inward and outward supplies. The Purchase order must mention that the vendor shall mention 8 digit HSN code on its invoice.
♦ Display of GSTIN Board all Places of Business
♦ Sequence number of your sales invoices should have a continuing patten e.g instead of starting invoice number for FY 2021-22 with say No. 1, you could use 1/2122
♦ While making payment / advance payment to vendors, ensure to check their GST filing status on the GSTN portal to cross check track record of filing as ultimately you have to get the credit of the Input GST through GSTR 2A / GSTR 2B.
2) PAN, Aadhar
3) Bank Account
4) Import Export Code ( IEC )
5) Income Tax
1. Raj Chetanbhai Doshi is different from Raj Chetan Doshi
2. Raj Chetan Doshi is different from RajKumar Chetan Doshi
e.g Fixed Deposits in the name of wife should not be made from husband’s bank account
e.g Mutual Fund SIPs in the name of senior citizen father should not be made from the earning child bank account ( in which bank acccount the child is the first holder )
7) Vendor Declarations in Business
8) Hard Copy Maintenance of Files
9) PAN, TAN – Update the address on PAN as well as TAN for receiving the communications of notices promptly.
10) Make a WILL
Author Details: CA Raj Doshi, Prop. R C D & Co., Chartered Accountants Email : email@example.com, Mobile : 9820803593
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