GST Checklist for PVT Ltd Company
Apply for GST registration by providing the necessary documents and information.
Invoicing and Documentation:
Ensure that all invoices issued by your company are GST compliant, including details such as GSTIN, invoice number, tax rates, etc.
Maintain proper records of invoices, purchase invoices, credit notes, debit notes, and other GST-related documents.
Tax Calculation and Payment:
Determine the correct GST rates applicable to your products or services.
Calculate the GST payable accurately on your sales and services.
Set up systems to track and pay GST liabilities on time.
Filing Returns:
File regular GST returns, such as GSTR-1 (outward supplies), GSTR-3B (summary return), and GSTR-9 (annual return), within the specified due dates.
Reconcile the data reported in the returns with your books of accounts.
Input Tax Credit (ITC):
Ensure that you have proper documentation to claim input tax credits on eligible purchases.
Reconcile the ITC claimed with the data reported in the returns.
Compliance with E-way Bill Requirements:
Generate and manage E-way bills for the movement of goods as per the applicable rules and thresholds.
Compliance with Anti-Profiteering Rules (if applicable):
Comply with the provisions related to anti-profiteering, if they apply to your business.
Record Keeping:
Maintain books of accounts and other relevant records for at least 6 years.
GST Audit (if applicable):
Determine if your business is required to undergo a GST audit based on the turnover threshold and other criteria.
Ensure that you comply with the GST audit requirements, including the submission of audited financial statements and reconciliation statements.
It is recommended to consult with a qualified GST professional or a chartered accountant to ensure Checklist for private limited company with all GST regulations and specific requirements for your private limited company.
To visit https://www.gst.gov.in/
