It has been more than 2 years since GST first implemented. But still, some people are unaware of the important details of GST and do not know how to do GST registration in Mumbai.
1. Filing GST Returns in Time
You should file your GST returns in time to avoid any notices from the Government. The government penalizes you if you do not file your GST Return on time. You will also have to pay interest on your Return.
2. Uploading Data in GSTR 1
GSTR 1 filing requires you to provide various details. You cannot amend the details once submitted. Hence the details you provide must be correct and you should also ensure that there are no mismatches in the data found at the time of GST Reconciliation.
3. Maintaining Proper Documentation
One of the important parts of not being on the wrong side of the tax filing is to maintain your documents properly. Even if your business does not under GST audit criteria, you should keep the healthy habit of maintaining proper documents.
4. Reconciling GST Returns with your Books of Accounts
This is to help you in identifying the errors and omissions. Reconciling saves you a lot of time, interest and penalties as all the errors or omissions are already found and addressed before.
5. Reconciling E-Way Bills Issued with the invoice details furnished in GSTR 1
You should always reconcile your e-way bills issued with that of invoice details under GSTR 1. The government can send you notice in case of a mismatch of invoice details.
6. Reconciliation between GST Returns
If you reconcile your purchase register with your GSTR 2A, you can get accurate Input Tax Credit.
7. Reverse-Charge Mechanism (RCM) concept
You are entitled to claim ITC in case of reverse charge payments. It is also important to stay updated about all the important notifications issued by the government regarding the reverse charge mechanism
8. Information GST Authorities regarding a change in business
If there are any changes in the details of business filled during the registration, you need to inform the GST authorities 15 days before the changes an application must be submitted o the GST portal.
9. GST Audit
If your business turnover exceeds 2 crores INR mark you should get your books of accounts audited by a CA or CMA.
BDS Legal Services is one of the best GST registration service provider in Mumbai. Reach us to know more.