Major steps toward making the business GST compliant




The much-debated and the most-awaited new tax system i.e. GST came into existence on 1st July 2017. After this, most of the businesses were able to continue smoothly as they adopted the GST Compliance. But there are many businesses still that are not very sure about various compliances which can lead to many fines and penalties.
 So here, we have come up with complete details about how to make your business GST compliant and let your company run towards success.

Introduction to GST Compliance

The GST council has come up with the list of rules and regulations with how to maintain the company records, to raise the invoices and further reporting of complete sales and purchases along with returns and tax filing. If your business is adhering to all the above regulations, then you are GST compliant.

Let’s take a look at the complete GST Compliance checklist that will make your company GST ready.

GST Compliance Checklist

The various steps that let your business fall under GST compliance are as follows:

1.Check whether you are liable for getting registered under GST


According to the guidelines of GST registration, if the annual turnover of the business is more than 40 lakhs in all the states and 20 lakhs in states coming under a special category, it is required to get registered under GST. It is mandatory to get GST registration done if you fall under below suppliers’ categories:
  •   Casual taxable persons
  •  Interstate suppliers
  •  Persons that are taxable under the reverse change basis
  • If required to deduct TDS or TCS under GST
  •   Distributors under input service
  •  Non-resident people who are taxable
  • Principal or agent who is making sales on behalf of some other person
  • People who are involved in supplying goods via e-commerce operators who are further liable for tax collection at the source.
  •  All the e-commerce operators who provide a place where the suppliers can deal with any supplies.
  • The service providers online who provide service from outside country to people in India who are not registered.

2. Get GST registered


Once you get clarity whether you should get registered or not under GST, there are 2 cases under which you will fall:

 Liable to get registered under GST

If you fall under this category, you will have to start the registration based upon the taxation laws. You need to follow the below-mentioned steps:

  •  You need to access the GST and get yourself enrolled by validating the mobile number and e-mail id. The portal is highly user-friendly and you will be able to get registered easily
  •   Once the enrollment is done, a provisional registration certificate will be allotted in the Form GST REG-25. Keep in mind that even in any case if you have got the registration done multiple times on single PAN, still you will get one registration certificate under GST. If in case you are supplying services in many states, then it is required to take registration separately for all states.
  •  You need to submit the Form GST REG-24 within the three months in the GST portal along with the required documents. If all the information is correct, you will get the certificate of final registration in the Form GST REG-06.


Not Liable to get registered under GST

Another case is that you might not be liable for GST registration. If you might have registered previously but still if you are no longer to get registered according to the new laws, there is an option to get the provisional registration canceled by submitting the GST REG-28 form.
3. Issue and receive the GST Compliant invoices

There are two steps under this: first is to know the SAC/HSN codes of the supplies along with the tax rates and next is to track the GSTIN while you deal with the customers and the vendors.

4.  File the GST returns on time

One of the most important aspects of Compliance under GST is to file the returns on time. Even in case, no business activity has been done for the return time period, the returns have to be filed. All the returns have to be compulsorily filed online. Once you have done the filing, there is no way to get the details revised but in subsequent filings, it can be changed.

Once you follow all the above-mentioned steps for the GST compliance checklist, you will get compliant with the GST rules and conduct the business smoothly without any issues and concerns.

The NeuSource Startup Minds official the best Business Startup Consultant offer services like Proprietorship Firm Registration, Partnership Firm Registration, GST Registration, Trademark registration, and Compliances services like Startup Compliances Packages, Partnership Firm Compliance, Annual ROC Compliance, Compliance for LLP, Annual Compliance for OPC and GST Compliances Services.
Location: Block-B, Shankar Garden, Vikaspuri, Delhi, 110018, India

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