GST is changing the face of Indian Taxation system. It is definitely a huge economic reform and adapting to it will naturally take some time. Yes, it does bring about a positive change in the economy and simplifies the tax process. But the question remains, how is it going to impact your business? The answer depends mostly on what future steps you take to make your business GST compliant.
Goods and Services Tax Council has laid down a number of GST rules and regulations that must be complied by each and every business in order to avoid any legal troubles. There are a few basic GST requirements which your business must adhere to ensure smooth functioning of your business.
Check out the GST Do’s and Don’ts list below-
1) Do register for GST with Correct Details-
It is important to register for GST on time and with correct business details. Provide true information regarding nature of your business, previous tax records and financial details. Don’t try to submit false information or fake documents. The government agencies might cross verify and scrutinize the data. If any discrepancies are found, the business can lose it’s license and attract heavy penalties.
2) Don’t Issue Rough Paper Invoice
Days of Kaccha Bill are over. In order to be GST compliant your business must issue an accurate invoice with separate serial numbers. Issuing fake invoice is considered a crime under GST. Phomello LitePOS solution is the easiest and fastest way for any retailer, or service provider to generate the customized print invoice. Train your staff and make sure they issue proper invoice to customers and suppliers without any overwriting on the invoice. Also it’s better not to cancel the invoice, instead use credit note in case of cancellation of goods/services deal. Make sure not to buy from unregistered dealers. Due to ‘Reverse Charge’ mechanism, you will have to pay GST on their behalf and additionally you won’t be eligible to receive input tax credit.
3) Do Submit GST on time
Your business must submit the GST amount collected from the customers within three months to the Government. Informing your GSTIN / ARN to all your suppliers and at the same time obtaining GSTIN of all suppliers & buyers will help you collect and issue the tax invoices on time. Maintaining record of suppliers, customers and the tax collected using POS softwares such as Phomello LitePOS will help you provide the correct GST to the government on time.
4) Don’t transport goods without original invoice
If you are transporting goods from one place to another, whether it is within or to other states, be very careful on charging CGST, SGST and IGST. According to GST laws, any shipment caught in transit without original documents and invoices will be considered as illegal and liable to penalties.
You can further read the frequently asked questions about GST here. Learn how to make your business GST compliant with the GST enabled software with a simple call to our customer care representative. Phomello LitePOS is easy to use, affordable and fully customizable GST enabled POS Solution for your business. Don’t hesitate to contact us for more information.