Unorganised business entities will not do on time compliances. Such non Compliance will always be a time bomb. So few simple compliances are listed below for easy reference.
1. Display GST number in name board of your business.
2. Display GST registration certificate at your business place visible to your customers .
3. Display GST number visible at your business place.
4. Provide your supplier your GST number. Insist him to upload the Invoice in his GSTR1. If your supplier fails to upload the invoice into to GSTR-1, you will lose the input tax credit.
5. Choose proper invoice copy for your outward supply.
6. Maintain Debit Note, Credit note, Receipt and Payment Vouchers including all Outward Supply details in duplicate. You have to maintain the stock register too.
7. Do not miss any purchase bills, asset purchase bills and expense bills. Because you will lose input tax credit that you have paid during inward supply.
8. Identify proper HSN code or SAC and collect output tax and deposit it to the government.
9. Identify the proper place of supply for charging CGST/SGST or IGST.
10.Generating E-way bill, if your consignment value is more than Rs 50,000.
11.Know whether your inward supplies liable for reverse charge mechanism.
12.File GST returns within the due dates. (Check link at reference section below to know about due dates)
13.Educate your employees about the compliance. Educate them about the workplace ethics.
14.Check GSTR-2A regularly to keep track of your supplier uploading your invoice to GST site.
15.Respond to departmental notices without delay.
16.Make necessary amendments in your GST registration if the situation warrants.
17.Keep in touch with your consultant.
18.After financial year-end, you have to file GSTR Annual return and get your GST records audited if applicable. (Check link at reference section to know about annual return)
19. Raise E Invoice, if your turnover cross specified limit.
Author Bio
