- Post:CA Nayani Agarwal
- October 21, 2023
1. Displaying GST Information: It is mandatory to prominently display a name board containing the GST registration number and address at your premises. GST officials may conduct unannounced inspections, so always keep your GST registration certificate and other pertinent business documents available on-site.
2. GST-Compliant Invoicing: After obtaining GST registration, it's essential to ensure that all sales invoices issued comply with GST regulations. Key aspects to verify include the place of supply, applicable GST rates, HSN codes, and the GST numbers of both the client and seller.
3. Charging GST on Invoices: Be diligent about applying the correct GST to all sales invoices. Failure to do so will require you to bear the GST expense from your own funds.
4. Utilizing Input Tax Credit: To maximize input tax credit and reduce tax liabilities, ensure that all purchase invoices for business purposes are registered under the company's GST number.
5. Timely GST Filing: To avoid receiving notices, late fees, and penalties, it is crucial to file GST returns promptly, either on a monthly or quarterly basis, as per your eligibility.
6. Tax Efficiency: To capitalize on input tax credit opportunities and save on taxes, consider acquiring items such as laptops, mobiles, and furniture under the company's GST registration, especially when intended for family use. This strategy can help offset the GST paid on these purchases, reducing your overall acquisition costs.
7. Export of Goods/Services: When engaged in the export of goods or services, specific compliance procedures, such as filing an LUT (Letter of Undertaking), must be followed to qualify for GST exemptions
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