GST (Goods and Services Tax) has revolutionized the tax structure in India. For small business owners, understanding GST compliance is crucial for smooth operations.
What is GST?
GST is an indirect tax levied on the supply of goods and services in India. It has replaced multiple indirect taxes like VAT, Service Tax, and Excise Duty.
Types of GST
- CGST - Central Goods and Services Tax
- SGST - State Goods and Services Tax
- IGST - Integrated Goods and Services Tax
GST Registration Requirements
Businesses need to register for GST if:
- Annual turnover exceeds ₹40 lakhs (₹20 lakhs for special category states)
- Engaged in inter-state supply
- E-commerce sellers
- Casual taxable persons
GST Return Filing
Regular businesses must file:
- GSTR-1: Monthly/Quarterly outward supplies
- GSTR-3B: Monthly summary return
- GSTR-9: Annual return
Filing Deadlines
| Return Type | Frequency | Due Date |
|---|---|---|
| GSTR-1 | Monthly | 11th of next month |
| GSTR-3B | Monthly | 20th of next month |
| GSTR-9 | Annual | 31st December |
Common Mistakes to Avoid
Always ensure your invoice details match with your GSTR-1 returns to avoid mismatches.
- Missing deadlines
- Incorrect GSTIN
- Wrong HSN codes
- Not reconciling ITC
Need Help?
Our team of experts can help you with GST registration, filing, and compliance. Contact us for a free consultation!
Disclaimer: This article is for informational purposes only. Please consult a tax professional for specific advice.
Related Topics
#GST#Tax Filing#Small Business#Compliance