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Compliance for GST

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Compliance with Goods and Services Tax (GST) in India is crucial for businesses to ensure legal adherence and avoid penalties. Here are the key compliance requirements for GST:

Registration

  1. Mandatory Registration:

    • Threshold: Businesses with an aggregate turnover exceeding ₹40 lakhs (₹20 lakhs for special category states) must register for GST.

    • Voluntary Registration: Businesses below the threshold can opt for voluntary registration to avail benefits.

  2. Documents Required for Registration:

    • PAN of the business entity

    • Aadhaar card of promoters/partners/directors

    • Proof of business registration or incorporation certificate

    • Address proof of the business place

    • Bank account statement or canceled cheque

    • Digital signature (for companies and LLPs)

Invoicing and Documentation

  1. Tax Invoices:

    • Issue GST-compliant tax invoices for all taxable supplies.

    • Include mandatory details like GSTIN, invoice number, date, details of the recipient, HSN/SAC codes, etc.

  2. Credit and Debit Notes:

    • Issue credit notes for reducing the invoice value and debit notes for increasing the invoice value.

  3. Maintaining Records:

    • Maintain records of all invoices issued and received, credit/debit notes, advance receipts, and other relevant documents.

Returns Filing

  1. Frequency:

    • Monthly returns (GSTR-3B and GSTR-1) for regular taxpayers.

    • Quarterly returns (GSTR-3B and GSTR-1) for taxpayers opting for the Composition Scheme.

  2. Due Dates:

    • GSTR-3B: By the 20th of the following month.

    • GSTR-1: Monthly/Quarterly (based on turnover) by the 10th/15th of the following month/quarter.

  3. Annual Return:

    • File GSTR-9 (Annual Return) by December 31 of the subsequent financial year.

Payment of Taxes

  1. Due Dates:

    • Pay GST liability through online payment modes by the 20th of the following month.

  2. Input Tax Credit (ITC):

    • Claim ITC on eligible inputs, capital goods, and services used for business purposes.

    • Ensure reconciliation of ITC as per GSTR-2A with books of accounts.

Compliance with GST Audit

  1. GST Audit:

    • Conduct GST audit if turnover exceeds ₹2 crores during a financial year.

    • File GSTR-9C (Reconciliation Statement) along with audited financial statements.

Compliance with E-Invoicing (if applicable)

  1. E-Invoicing:

    • Businesses with aggregate turnover exceeding ₹50 crores need to generate invoices on the Government GST portal (IRP).

    • Follow the prescribed format and requirements for e-invoicing.

Penalties for Non-Compliance

Non-compliance with GST regulations can lead to penalties such as late fees, interest on delayed payments, and cancellation of registration. It's crucial for businesses to maintain accurate records, timely file returns, and adhere to GST guidelines to avoid these penalties.

By choosing Corporate Verdict, you can rest assured that your Compliance for GST will be handled efficiently, allowing you to focus on growing your business.

For more information or to start the registration process, visit our website or contact our team today!

Have any Questions?

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