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20 COMPLIANCES AFTER GST REGISTRATION

Once registered as GST taxpayers or any other business, you must comply with the compliance rules and avoid non-compliance. Usually, the first thing organizations must comply with is filing their GST returns on time. Unincorporated organizations will not comply on time and are always a ticking time bomb. Here are some simple compliances:

1. Display the GST number on your business name board.

2. Display the GST Registration Certificate visible to your customers at your place of business.

3. Give your GST number to your supplier. Insist him to upload the invoice in his GSTR1. You will lose input tax credit if your supplier fails to upload the invoice in GSTR-1.

4. Select the appropriate invoice copy for your sales.

5. Check the correct GST rate while making the GST invoice

6. Keep debit notes, credit notes, receipts and payment vouchers in duplicate along with all external supply details. You also have to maintain a stock register.

7. Don't miss out on any purchases, possessions and expensive bills because you will lose input tax credit paid during inward supply.

8. Identify the correct HSN code or SAC, collect the output tax and remit it to the government.

9. Identify the appropriate place of supply for charging CGST/SGST or IGST.

10. Preparation of e-way bill if your goods cost more than Rs.50,000.

11. Know whether your incoming supply is liable for the reverse charge mechanism.

12. File the GST return within the due dates

13. Educate your employees about compliance. Educate them about workplace ethics.

14. Check GSTR-2A regularly to keep track of your supplier uploading your invoice on the GST site.

15. Reply to departmental notices without delay.

16. Make necessary amendments to your GST registration.

17. Stay in touch with your tax consultant.

18. After the end of the financial year, you must file GSTR annual return and audit your GST records if applicable.

19. If your turnover exceeds the specified limit, raise e-invoices.

20. Do the creditor's payment within 180 days otherwise, you will disallow to get the credit of GST.

Alliance Tax Experts are the most valuable and trusted, experienced tax consultants who can handle your GST compliances smoothly.

The benefits of Alliance Tax Experts

1)     No cost of an accountant

2)     Have a Professionals Team

3)     Quick & Fast Services

4)     Accounting work done by Alliance Team

5)     Data Security

Contact for handling your GST Compliances Santosh on 9769201316

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