GST Compliance: A Beginner's Guide

GST (Goods and Services Tax) compliance is crucial for businesses in India. Here's a comprehensive guide to help you stay compliant:

Key GST Requirements:

1. Registration: Register for GST if your annual turnover exceeds the threshold. File Form REG-01.

2. Record Keeping: Maintain detailed records of purchases, sales, and invoices for audit purposes.

3. Monthly/Quarterly Returns: File GSTR-1 (outward supplies) and GSTR-2A (inward supplies) as per your registration type.

4. Invoice Requirements: Issue invoices with all GST-mandated fields including HSN/SAC codes and GSTIN.

5. GST Payment: Pay GST dues by the 20th of the following month.

Common Mistakes to Avoid:

• Late filing of returns
• Incorrect HSN/SAC codes
• Missing invoice details
• Not maintaining proper records
• Filing incorrect input tax claims

Resources:

• Visit the GST portal at www.gst.gov.in
• Consult with a GST expert for complex scenarios
• Keep yourself updated with GST notifications

Staying GST compliant protects your business and ensures smooth operations.