What is GST Compliance?
GST compliance refers to the process of adhering to the rules and regulations of the Goods and Services Tax (GST) system in India. Businesses that are registered under GST are required to comply with various provisions and regulations, including registration, invoicing, filing of returns, payment of taxes, and maintaining proper records.
Some key aspects of GST compliance are:
GST registration: Businesses with an annual turnover of Rs. 20 lakh or more (Rs. 10 lakh for special category states) are required to register for GST. Failure to do so can result in penalties and legal action. GST invoicing: GST invoicing rules require businesses to issue invoices with specific details such as the name and address of the supplier and the recipient, the GSTIN of both parties, the description and value of goods or services supplied, and the applicable GST rate. Filing of GST returns: Businesses are required to file GST returns regularly, including GSTR-1, GSTR-2A, and GSTR-3B. Late filing of returns can result in penalties and interest charges. Payment of taxes: Businesses must pay the GST liability on time to avoid interest and penalties. Record-keeping: Businesses are required to maintain proper records of their purchases, sales, and GST payments to ensure compliance with GST regulations.
Penalisation
Non-compliance with GST regulations can lead to penalties, interest charges, and legal action. Therefore, it is important for businesses to understand the GST regulations and comply with them diligently. The GST portal provides various tools and resources to help businesses with GST compliance, including online registration, invoicing, and filing of returns.
TaxSpanner.com is one of India’s largest and most trusted websites that offers online preparation of accounts books and filing of TDS, GST, individual Income Tax Returns (ITR). Established in 2007, TaxSpanner is based out of New Delhi. Since then, it has grown to build very large customer base in this market segment.
