Goods and Services Tax (GST) is a comprehensive indirect tax system that has replaced many other taxes in India. If you are a business owner who has registered under GST, you need to take some important steps to comply with the tax rules and avoid penalties. Here are some of the things you should consider after GST registration:
File your GST returns on time:
You need to file monthly, quarterly or annual returns depending on your turnover and type of business. You can use the GST portal or a GST software to file your returns online. Filing your returns on time will help you avoid late fees and interest charges.
Claim your input tax credit:
Input tax credit (ITC) is the amount of GST you have paid on your purchases and expenses that are related to your business. You can claim ITC while filing your GST returns and reduce your tax liability. To claim ITC, you need to have valid invoices from your suppliers and ensure that they have filed their GST returns as well.
Maintain proper records and invoices:
You need to keep all the documents and records related to your business transactions for at least six years from the date of filing your GST returns. You also need to issue GST-compliant invoices to your customers and suppliers, which should include details such as GSTIN, invoice number, date, description, value, tax rate, etc.
Update your GST profile:
You need to update your GST profile whenever there is any change in your business details, such as address, bank account, contact number, etc. You can do this by logging into the GST portal and submitting the relevant forms. Updating your GST profile will help you avoid any mismatch or discrepancy in your GST data.
Seek professional help if needed:
GST is a complex tax system that requires a lot of compliance and documentation. If you are not familiar with the GST rules and procedures, you may face difficulties or errors while filing your returns or claiming ITC. In such cases, you can seek professional help from a chartered accountant or a GST consultant who can guide you and handle your GST matters efficiently.
These are some of the key points that you should keep in mind after registering under GST. By following these steps, you can ensure that your business is compliant with the GST laws and benefit from the advantages of the new tax regime.