Compliance after getting GST Registration

If that the turnover exceeds as far as possible mentioned in the GST Act, then, at that point, the individual is required to take GST registration. Sometimes, individuals are required to take GST registration like in the event of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc.

The registration will be effective from the date on which an individual becomes  liable to registration  where the application for  registration has been submitted inside a time of thirty days from such date. In any case, where the application is submitted beyond the 30 day period, then, at that point, registration will be effective  from the date of the award of registration.

  • Display The Gst Number On The Name Board

The first step of taking GST registration, each registered individual should show the GST Registration declaration at eye catchable place at the business place and at each branch business location.

Penalty for not displaying the registration certificate and goods and service tax identification number on the board: Any amount up to Rs. 25,000/-

  • Start issuing the GST invoices

The purchaser must claim all the GST receipt. After of getting GSTIN number, the taxpayer should start giving the receipt that is complying all the invoicing rules. GST receipt is given if there taxable supplies whereas the bill of supply is issued for exempt supplies. A single Invoice cum bill of supply might be given if there should may be issued in case of the taxable and exempt supplies to an unregistered individual.

Invoice issued by the registered person as per CGST rules

  • Name, address and GSTIN of the supplier;
  • Invoice Number (up to 16 characters), unique for a financial year;
  • Date of Invoice;
  • Name, address and GSTIN or UIN, if registered, of the recipient;
  • HSN code for goods or services;
  • Description of goods or services;
  • Quantity in case of goods;
  • Total value of the supply of goods or services;
  • Taxable value of the supply of goods or services or both taking into account discount, if any;
  • Rate of tax;
  • Amount of tax for taxable supplies as CGST, SGST/UTGST or IGST;
  • Place of supply along with the name of the State in case of inter-State trade;
  • Whether or not the tax is payable on a reverse charge basis;
  • Signature or digital signature of the supplier or his authorized representative.

There is time limit specified under the law to give GST receipt.  In the case of goods, a tax receipt should be given at the time of removal of products and in the event of administrations, it should be given inside 30 days from the assistance is delivered.

  • Charge, collect and deposit the GST

After charging all the taxable supplies may be affected the rate of specified in the law. There are 4 GST rates 5%, 12%, 18% , 28% are fixed all the different kind of goods . Every goods have a separate GST rate and HSN code.

GST collected by the provider from the purchaser is to be saved to the government on or before filing the GSTR-3B. The provider can store the GST to the government by on the web or through bank counter.

  • Identify the place of supply

Place of supply keeps a significant job in GST. Based on the place of supply, the registered individual can charge CGST, SGST/UTGST or IGST. on the basic of supply is inside the state then CGST or SGST will be charged. Interstate supply means the supply in another state, IGST will be charged.

  • Maintain proper accounts & records as per GST law

As per the GST Act, every registered person shall keep and maintain at his registered place of business, a true and correct account of

  • Production of goods
  • Inward and outward supply of goods or services or both
  • Stock of goods
  • Input tax credit availed
  • Output tax payable and paid
  • Goods or services exported or imported
  • supplies attracting payment of tax on reverse charge

The books of accounts Should Be Maintain On Electronic Mode Like Tally, Zoho , QuickBooks  etc. penalty of not maintaining  the books of accounts should be punished the specified in the act/rules Rupees 10000/-

After obtaining GST registration citizens should know about the applicable of GST returns on them. Returns should be recorded on schedule to stay away from late charges and punishments. All GST returns can be filed on the GST portal, common for all taxpayers across India.

Normal taxpayer filed the GSTR-1 for sales ,after that they should filed GSTR-3B return for the summery of sales and ITC.

GSTR-4 is for composition dealer.