New compliance under GST
New compliance under GST, Here are some common compliances requirements under the Goods and Services Tax (GST) in India.
GST Registration:
Businesses whose turnover exceeds the prescribed threshold are required to register for GST.
GST Returns:
Registered taxpayers need to file regular GST returns based on their category and turnover. GSTR-1, GSTR-3B, and GSTR-9 are some commonly filed returns.
Invoice Compliance:
Invoices issued by businesses must comply with specific requirements, such as mentioning the GSTIN, invoice number, tax details, and other prescribed information.
Tax Payment:
Timely payment of GST liability is essential, and businesses need to ensure accurate calculation and remittance of the applicable tax amount.
Input Tax Credit (ITC):
Maintaining proper records and documentation of input tax credit availed and reconciling it with GST returns is crucial for claiming ITC.
E-way Bill:
For the movement of goods exceeding prescribed thresholds, generating and carrying an e-way bill is mandatory.
Record Keeping:
Maintaining books of accounts, invoices, documents, and records related to GST transactions is essential for compliance.
Compliance with Notices and Audits:
Responding to compliance notices, inquiries, audits, and providing requested information to tax authorities is important.
Please note that these requirements may change over time, and it’s always best to refer to the official GST portal or consult with a tax professional for the most up-to-date information. Here are some key compliance requirements under GST.
It’s recommend to regularly check the official GST portal (www.gst.gov.in) or consult with a tax professional to stay updated on the latest compliance requirements under GST.
To visit https://www.gst.gov.in/
