Introduction

The Goods and Services Tax (GST) regime in India requires businesses to comply with various regulations to avoid penalties and ensure smooth operations. GST compliance involves several requirements, including registration, returns, payments, invoicing, and record-keeping. In this article, we will explore the GST compliance requirements in detail.

GST Compliance Requirements

1. Registration (Section 22 of GST Act)

• Obtain GST registration certificate
• Display GSTIN on invoices and correspondence
• Register on GST portal

1. Returns (Section 39 of GST Act)

• File GST returns (GSTR-3B, GSTR-1, GSTR-9)
• Furnish returns within prescribed timelines:
  • GSTR-3B: 20th of each month
  • GSTR-1: 10th of next month
  • GSTR-9: 31st December of next financial year

1. Payments (Section 49 of GST Act)

• Pay GST liability on time
• Use electronic payment modes (e.g., NEFT, RTGS)
• Generate Challan for payment

1. Invoicing (Section 31 of GST Act)

• Issue GST-compliant invoices
• Include mandatory details:
  • GSTIN
  • HSN code
  • Taxable value
  • Tax amount

1. Accounts and Records (Section 35 of GST Act)

• Maintain accurate accounts and records
• Preserve records for at least 6 years
• Keep records of:
  • Invoices
  • Payments
  • Returns
  • Tax credits

1. Tax Invoice and Credit Notes (Section 31 and 34 of GST Act)

• Issue tax invoices for taxable supplies
• Issue credit notes for returns or refunds

1. E-Way Bills (Rule 138 of GST Rules)

• Generate e-way bills for inter-state movements
• Carry e-way bills during transportation
• Validity of e-way bills:
  • Up to 100 km: 1 day
  • 100-500 km: 3 days
  • Above 500 km: 5 days

1. Annual Return (Section 44 of GST Act)

• File annual return (GSTR-9)
• Reconcile annual return with financial statements

Consequences of Non-Compliance

• Penalties (up to ₹25,000)
• Interest (18% per annum)
• Prosecution (in severe cases)
• Cancellation of GST registration

Best Practices for GST Compliance

1. Maintain accurate records
2. Conduct regular audits
3. Ensure timely payments and returns
4. Use GST-compliant software
5. Seek professional advice

FAQs

1. What is the due date for GST returns?
   Varied (e.g., GSTR-3B: 20th of each month)
2. Can I file GST returns manually?
   No, GST returns must be filed online
3. What is the penalty for late GST payment?
   18% per annum interest

References

1. GST Act, 2017
2. GST Rules, 2017
3. CBIC (Central Board of Indirect Taxes and Customs) notifications

Additional Resources

1. GST portal (link unavailable)
2. GST Council website (link unavailable)
3. CBIC website (link unavailable)

Infographics

[Image description: A diagram illustrating GST compliance requirements]

Table: GST Compliance Requirements