Got GST Registration? Keep these points in mind.

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