Unorganized business entities will not do on time compliance. Such non Compliance will always be a time bomb. So few simple compliance are listed below for easy reference.
- Display GST number in name board of your business.
- Display GST registration certificate at your business place visible to your customers .
- Display GST number visible at your business place.
- 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.
- Choose proper invoice copy for your outward supply.
- Maintain Debit Note, Credit note, Receipt and Payment Vouchers including all Outward Supply details in duplicate. You have to maintain the stock register too.
- 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.
- Identify proper HSN code or SAC and collect output tax and deposit it to the government.
- Identify the proper place of supply for charging CGST/SGST or IGST.
- Generate E-way bill, if your consignment value is more than Rs 50,000.
- Know whether your inward supplies liable for reverse charge mechanism.
- File GST returns within the due dates.
- Educate your employees about the compliance. Educate them about the workplace ethics.
- Check GSTR-2A regularly to keep track of your supplier uploading your invoice to GST site.
- Respond to departmental notices without delay.
- Make necessary amendments in your GST registration if the situation warrants.
- Keep in touch with your consultant.
- After financial year-end, you have to file GSTR Annual return and get your GST records audited if applicable.
- Raise E Invoice, if your turnover cross specified limit.
We, Team SimBizz, always strive to keep the all the Compliance of our clients updated. Always feel free to call us @ +918547858550 for assistance
