1.Migrated Dealers –
After Implementation of GST (Goods and Service Tax) Existing Dealers under state sales tax, service tax registration dealers and other indirect taxes are required to migrate to GSTN, therefore most of them had migrated to New GSTN. In the majority of State, the government had provided Exemption to small business below turnover of Rs,20,00,000. After implementation of GST Dealers who are having a turnover above Rs.10,00,000 and not crossed Rs.20,00,000 are not any more liable to charge GST and need not apply for GST registration. However apart from threshold exemption for certain category of dealers registration is mandatory irrespective of turnover. So Surrender your GST registration certificate.
2. GST Invoice –
Every GST registered dealer should issue GST invoice with all the details in it as required. Major challenges faced in GST invoicing is the Wrong calculation of GST, Application of Wrong GST rate, Mentioning improper HSN / SAC Codes, Confusion in charging Integrated tax or CGST or SGST. Wrong GST number of Buyer.
How to avoid Invoicing Errors.
Invoicing errors are primarily clerical in nature and proper data collection from customers about their GST number, State of registration, Status of entity (If your customer is in SEZ then you should not charge GST and Mention IGST as “0”).
3. Reverse Charge Mechanism –
Being a Registered Supplier of Services or goods under GST, every supplier should comply with Provisions and rules of GST reverse charge mechanism. The main problem you will be facing under reverse charge is when you buy from unregistered GST supplier, you need to pay GST on reverse charge basis if are not covered under daily limit or purchase from unregistered dealers.
Have a checklist of List of other Expenses where you are required to pay GST under reverse charge basis.
4. GST Return Filings –
Every GST Registered seller or other category dealers should file periodic returns in respective form and after paying final tax liability after utilizing Input tax credit.
The regular dealer should file GST returns on or before following Dates.
GSTR-1 – Details of Outward Supplies of Services / Goods – 10th of Next month.
GSTR-2 – Details of Inward supplies – 1 5 th of next month.
GSTR-3 – Final submission of Inward supplies and Outward supplies after paying net output tax.
Annual Return in Form GSTR 9 on of before 31 st December after the end of financial year.
Return by Compounding taxable person.
GSTR – 4 – Single return- on or before the end of 18th of the month following each Quarter.
Similarly Annual Return in Form GSTR-9A.
still, do you have problems in GST compliance or facing issues to maintain GST records and documents don’t worry you can go for monthly GST return filing services and compliance package with trusted GST service provider?
We have tried to Communicate most important aspect every GST registered dealers should keep in mind.
