GST compliance for private limited company
GST compliance for a private limited company in India includes several key aspects. Here are some of the important compliance requirements:
GST Registration: Check if your business meets the turnover threshold for GST registration.
Apply for GST registration by submitting the necessary documents and information to the GST department.
Invoicing and Documentation: Issue GST-compliant invoices for all taxable supplies made by your company.
Maintain proper records of invoices, receipts, purchase invoices, and other GST-related documents.
To visit https://www.gst.gov.in/
Tax Calculation and Payment: Determine the correct GST rates applicable to your products or services.
Calculate the GST payable on your sales and services accurately.
Set up systems to track and pay GST liabilities within the specified timeframes.
Filing Returns: File regular GST returns, such as GSTR-1, GSTR-3B, and GSTR-9, as per the prescribed due dates.
Reconcile your sales and purchase data with the data reported in the returns.
Input Tax Credit (ITC): Maintain proper records of eligible input tax credits (ITC) on purchases.
Reconcile 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.
It is advisable to consult a qualified GST professional or a chartered accountant to ensure proper compliance with all GST regulations and requirements specific to your private limited company.
For further details access our website https://vibrantfinserv.com