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/
FAQs
-
What is GST?
- GST (Goods and Services Tax) is a unify tax applied on goods and services in India, replacing many indirect taxes.
-
What is e-invoicing under GST?
- E-invoicing is a system where businesses must generate invoices digitally and submit them to a government portal for verification.
-
What is the QRMP scheme?
- QRMP (Quarterly Return Monthly Payment) allows businesses with turnover up to ₹5 crore to file quarterly returns but pay tax monthly.
-
What is the new rule for ITC (Input Tax Credit)?
- ITC is now ltd to the amount reflect in GSTR-2B, the auto-drafted statement, ensuring accurate tax credit claims.
-
What is GST audit?
- Previously mandatory for businesses with turnover above ₹2 crore, GST audit by professionals is now scrap in favor of self-certification.
-
What is the new requirement for HSN codes?
- Businesses must now mention 4-digit or 6-digit HSN codes on invoices, depending on their turnover, to classify goods and services.
-
What is the update in late fees for GST returns?
- Late fees for delayed GST returns have been reduce, especially for smaller businesses.
-
What are GSTR-2A and GSTR-2B?
- These are auto-generate statements showing inward supplies and ITC claims. GSTR-2A is dynamic, while GSTR-2B is static for a specific period.
-
What is the GST Annual Return filing requirement?
- Businesses with turnover below ₹2 crore are exempt from filing GSTR-9 (Annual Return), simplifying compliance for small businesses.
-
What is the penalty for e-way bill violations?
- Penalties apply for transporting goods without an e-way bill, including detention of goods and fines, depending on the case.
