Getting your GST registration is not the end of the process. In fact, it is the beginning of your GST compliance journey.
Many business owners get their GST number and then forget about the regular compliances. Later, they face late fees, interest, notices, or problems with their GST returns.
If you have recently received your GST registration, here are a few important things you should take care of.
1. Update Your Bank Account Details
One of the first things you should do after GST registration is update your business bank account details on the GST portal within the prescribed time.
Make sure the bank account belongs to the business/proprietor as applicable and that the account details are entered correctly.
Don’t leave this until the last minute. Keep your cancelled cheque or bank statement ready when updating the details.
2. Don’t Miss Your GST Return Filing
Once you have a GST number, you need to keep up with your GST returns.
Depending on your filing scheme, your returns may have to be filed monthly or quarterly.
Even if you haven’t made any sales during a particular period, you may still need to file a Nil GST return.
So, don’t think that “no sales means no return.”
3. File GSTR-1 on Time
GSTR-1 is where you report your outward supplies, or in simple words, your sales.
For taxpayers filing monthly, GSTR-1 is generally due on or before the 11th of the following month.
For example, your April sales are generally reported in GSTR-1 by 11th May.
Before filing GSTR-1, check your sales invoices carefully. A small mistake in your customer’s GSTIN, invoice number, taxable value or tax amount can create problems for both you and your customer.
4. File GSTR-3B on Time
GSTR-3B is the return where you declare your GST liability and eligible input tax credit and pay the tax due.
For regular monthly filers, GSTR-3B is generally due on or before the 20th of the following month.
For example:
April GSTR-3B → generally due by 20th May
Don’t wait until the last day if you already have the required information. Filing early gives you time to correct any issues before the deadline.
5. Check Your Sales Before Filing
Before filing your GST return, don’t simply enter figures without checking your books.
Your sales register, invoices, GSTR-1 and GSTR-3B should be properly reconciled.
For example, if your books show sales of ₹10 lakh but you report a different figure in GSTR-1 or GSTR-3B, the difference may need to be explained later.
A quick monthly reconciliation can save you from a lot of trouble.
6. Be Careful While Claiming Input Tax Credit
Input Tax Credit (ITC) can reduce your GST liability, but it should not be claimed blindly.
Before claiming ITC, check your purchase invoices and reconcile them with the relevant GST portal information, including GSTR-2B, wherever applicable.
Also make sure that the purchases are eligible for ITC under GST rules.
7. Keep Your Invoices and Records Properly
Don’t wait until the return filing date to collect your bills.
Keep your:
- Sales invoices
- Purchase invoices
- Expense bills
- Credit notes
- Debit notes
- Bank statements
- E-way bills
- Payment details
properly maintained.
Good record keeping makes GST return filing much easier.
8. Keep Checking Your GST Portal
Make it a habit to check your GST portal regularly.
GST notices, intimations and other communications may appear on the portal. If you receive a notice, don’t ignore it.
Even a small issue can become complicated if it is not addressed within the prescribed time.
9. Inform Your Accountant About Every Transaction
If you are using a CA or tax consultant for GST filing, make sure you provide all your sales, purchases, expenses, credit notes and debit notes on time.
Don’t give only your sales details and forget about purchases or other transactions.
Your consultant can file the return correctly only when complete information is available.
10. Don’t Treat GST Compliance as a Once-a-Year Job
This is probably the most important point.
GST compliance is not something you should think about only at the end of the financial year.
It should be handled every month or every quarter, depending on your filing scheme.
A simple habit of maintaining your invoices, checking your books and filing your returns on time can prevent many unnecessary GST problems.
Quick GST Checklist After Registration
| Particular | What You Should Do |
|---|---|
| GST Registration | Keep GST certificate safely |
| Bank Account | Update bank details within the prescribed time |
| Sales | Maintain proper sales invoices |
| Purchases | Keep purchase invoices and check ITC |
| GSTR-1 | Generally file by 11th of next month for monthly filers |
| GSTR-3B | Generally file by 20th of next month for monthly filers |
| Quarterly Filers | Follow the applicable quarterly due dates |
| GSTR-2B | Check before claiming eligible ITC |
| E-Way Bill | Generate wherever applicable |
| GST Portal | Check regularly for notices and updates |
| Records | Maintain invoices, bills and payment records |
Final Word
Getting your GST registration is an important step for your business, but keeping your GST compliance up to date is equally important.
Update your bank details, maintain proper records, file GSTR-1 and GSTR-3B on time, check your ITC and keep an eye on the GST portal.
These may look like small things, but following them regularly can help you avoid unnecessary GST notices, late fees and compliance problems later.
If you are not sure about your GST return filing, ITC, registration or monthly compliance, it is better to take professional advice rather than wait until a problem arises.
CONTACT: 9663765878 | PRADEEP R