It has been a long time since the introduction of GST in India, still, many companies and business organizations have gaps in their GST compliance and queries regarding the latest requirements. And the regular changes in GST modules and compliances their dilemma has multiplied many times. But, in the end, it is your responsibility to stay alert and informed while filing GST to prevent any fines and penalties and retain your position and positive image in the market. We have compiled a quick check-list that will ensure that you don’t miss any deadlines and guidelines while filing your GST.

  • Classifying Transactions – The GST norms want all the companies and businesses to classify their transactions as either services or goods. It is to be noted that some classifications are different from those used in VAT laws. Apart from this, the integrated GST model classifies all the transactions into the interstate and intrastate transactions. You must be alert to all the changes introduced in these sections.
  • Time of Supply and Place of Supply – Do you know that GST provisions differ from state to state? Make sure you are clear with the provisions that are applicable in your location, commodities, and industry. Also, it is important to note down the time and place of supply properly for future records.
  • Tax Slabs – Once you have been able to successfully classify your supplies, make sure you apply the right tax rate on the right supply. It is also crucial to regularly update your system with the latest tax rates.
  • GST Registration – The latest GST law requires all the warehouses, outlets, and factories to register under the law and to identify all the supply points. This will help you in easy GST compliance and smooth Input Tas Credit.
  • Chart of Accounts – Make sure you cross-check your account chart post-GST. This is crucial for the companies that are involved in the PAN India service sector. You must introduce necessary changes the moment you identify any lapses in the GST compliances.
  • Sales and Marketing Policy – You must be aware of the latest changes introduced by GST for gifts, discounted goods, and other party related transactions. Make sure you amend your sales and marketing plans accordingly.
  • Accounts Balances and Reconciliations – You are required to reconcile your accounts with customers and vendors as per the last date given in the GST norms. It is also a mandate to reconcile all the stock on the inventory list that has the details regarding rate, ITS, and quantity.

Apart from these essential things, you should also update the tax master at regular intervals, review the customer master, vendor masters, and current contracts. GST is not only a tax but also a business reform. It is crucial to understand the GST law and its implications and adopt a strong system that will help ease GST compliance tensions. Make sure you are proactive and handle every issue with maturity instead of giving wrong reactions to them. With this simple check-list, you will never miss any GST-related compliance in the future.