Post-registration compliance after GST Registration
Unorganized business entities often fail to meet timely compliance, which can become a ticking time bomb. Below are some simple compliance requirements for easy reference.
1 Display your company GST number on the name board.
2 Display your GST registration certificate somewhere visible to your customers.
3 Give your supplier your GST number. Ask that he upload the invoice to his GSTR1. If your supplier does not upload the invoice to GSTR1, you may sacrifice the input tax credit.
4 Choose the right invoice template for your outside supply.
5 Maintain duplicate debit and credit notes, receipts, and payment vouchers, as well as bill outbound supply details; you must also keep a stock register.
6 Identify the right HSN code or sac, collect output tax, and deposit it with the government.
7 To charge CGST, SGST, or IGST, determine the appropriate site of supply.
8 Create an e-way bill if the consignment value exceeds Rs 50000.
9 Determine if your in-word supplies are subject to reverse charge processes.
10 File GST returns by the required dates
11 Educate your staff about compliance. Educate them about workplace ethics.
12 Check GSTR-2 A on a frequent basis to keep track of when your supplier uploads your invoice to the GST website.
13 Respond to departmental notices promptly.
14 Make any necessary changes to your GST registration as the circumstance requires.
15 Stay in touch with your consultant.
16 After the end of the financial year, you must complete the GSTR Annual Return and have your GST records audited, if applicable.
17 Raise an E-Invoice if your turnover exceeds the defined limit.