After obtaining Goods and Services Tax (GST) registration in India, businesses are required to comply with various statutory and procedural requirements. Here are some key compliance steps that need to be followed after obtaining GST registration:
- Display of GSTIN: The GST Identification Number (GSTIN) should be prominently displayed at the place of business. This includes on the name board at the entrance of the business premises.
- Maintenance of Books of Accounts: Proper books of accounts need to be maintained, including records of purchases, sales, input tax credit availed, and output tax payable.
- Invoice Compliance:
- Issue tax invoices for all taxable supplies made.
- Include mandatory details in the tax invoice, such as GSTIN, invoice number, date, customer details, description of goods or services, and applicable tax rates.
- Filing of GST Returns:
- Regularly file GST returns based on the type of registration (monthly or quarterly).
- GST returns like GSTR-1 (for outward supplies), GSTR-3B (summary return), and others must be filed within the prescribed due dates.
- Payment of Taxes:
- Ensure timely payment of GST liabilities to the government within the stipulated deadlines.
- Use the appropriate GST challan for depositing taxes.
- Input Tax Credit Reconciliation:
- Reconcile and match the input tax credit as per your purchase register with the details available in the GST portal.
- Compliance with Reverse Charge Mechanism (RCM):
- If applicable, comply with the reverse charge mechanism for specified goods and services.
- Annual Return:
- File the annual return (GSTR-9) providing a summary of all transactions during the financial year.
- Audit (if applicable):
- Businesses with a certain turnover are required to undergo a GST audit. The audit is conducted by a qualified Chartered Accountant or Cost Accountant, and the audit report is submitted in Form GSTR-9C.
- Update Changes in Business Information:
- In case of any changes in business details (like address, contact information), update the information on the GST portal.
- Compliance with E-way Bill Requirements:
- If involved in the movement of goods, comply with the E-way bill requirements for inter-state and intra-state transportation.
- Compliance with Anti-Profiteering Provisions:
- Comply with the anti-profiteering provisions if applicable to your business.
It’s important to note that the compliance requirements may vary based on the nature of the business and the specific provisions applicable to it. It is advisable to regularly check for updates in the GST laws and regulations to ensure ongoing compliance. Additionally, seeking professional advice from a tax consultant or chartered accountant is recommended to navigate through the complexities of GST compliance.
