Since the GST (Goods and Service Tax) came into action, the businesses are preparing themselves for its compliance. GST has clearly affected all the businesses in every sector of the economy. Thus, it is very important and necessary for its accurate and timely compliance to avoid any penalties and take the advantage of this new tax system in India. Following are a few points that must be taken care of in order to be GST compliant:
- Check the complete list of goods and services exempted from GST.
- Have a detailed knowledge about who is liable to pay GST in a transaction.
- Charge GST on supplies as you have a GST registered firm.
- To avoid any penalties and loss of money, file your returns on time.
- Pay the output tax to the government and claim for the input tax credit.
- Keep a proper record of all the accounts for at least 5 years in electronic form.
- Inform the authority if there is any change in the business name or its address or its ownership.
- Reconcile your account at the time of de-registration.
GST being a big business reform, it becomes mandatory to understand it and follow a strong system to avoid any worries in its compliance. In case of any difficulty or assistance, you can always contact us.