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What should I do after getting the GST number

After getting the GST number, you can’t make any mistakes. After all, what are those mistakes that we repeat? What mistakes do we make after getting the GST number that we should not make? Today we will talk about what to do after getting the GST registration number.

Things to do after getting a GST number

 

Followings things you should keep in mind.

1.Put signboard:

The first thing you should do is put up a signboard outside your workplace. The address of the working place should be written on that sign board. The name and address of the firm are written on the sign board. It is important to mention your GST number along with that address. This number should be clear and visible. This is a one time activity.

  • Apart from this, your mobile number should also be mentioned on this sign board.
  • If your workplace is inside a building, you must put a sign board outside that building.
  • If your showroom is on the second floor, then you must put up one of your sign boards at the entrance of the building.
  • If your workplace is at home or your residence, then you should get all this written outside your residence.
Details on Signboard :

Place/floor on which you are doing your work.

You will have to tell in detail whether this is my business or my workplace, and it is on this floor. Apart from this, you must also write your GST registration number and your mobile number on that signboard, because when the GST officers come for checking, the first thing they look at is your signboard. If there is no sign board outside your workplace, then they can also impose a fine on you. For this, you may have to pay a fine. If you do not put a signboard outside your workplace.

2.Display certificate:

It is very important to get this certificate framed inside the workplace. Please display your certificate inside the workplace. You will get your GST number certificate, on which you have the GST number. It is very important to frame that certificate and hang it inside the workplace. Whenever the GST department comes, first of all, they ask for a certificate from you, and this certificate should be framed and hung inside your workplace.

3.Business current account

 You should open a current account in the name of your business.

  • First of all, you have to go to the bank and tell the bankers that this is our business and we need a current account.
  • Bankers open a current account for you in the name of your business.
  • Whatever payment you have to make to any employee or any party, you will have to make it from this account.
  • If you have to make the payment yourself, then make the payment from that current account only to have a current account for any business.
  • If you do all your work through a savings account, you may have to face a lot of problems.
  • If you have a firm or a working place, then always keep Google Pay attached to your current account.
  • Link only Google Pay or Paytm to your firm account. The biggest mistake people make is that they link Google Pay to their savings account, and whatever payment comes into the savings account, You should not make such a mistake at all. You have to attach Google Pay and Paytm to your business or firm’s account only. These will have to be operated from the current account of your firm only.

4.Start issuing GST Invoice

The GST invoice issued will form the basis for the buyer to ultimately claim the correct input tax credit. Therefore, upon obtaining GST registration every business should start issuing a valid invoice which is compliant with all the invoicing rules. After obtaining GST registration online, a business must issue revised invoices against the invoices already issued for the period from the effective date of registration to the date of issue of GST registration certificate.

The time limit for completing this work is one month from the date of issue of registration certificate.

In case of effecting taxable supplies, GST invoice should be issued, while bill of supplies should be issued by the composition dealer or the person effecting exempt supplies.

Similarly, in case of supplies of both taxable and exempted goods to an unregistered person, a single challan-cum-bill can be issued. Certain fields must be filled in the invoice, and invoice number can be maximum 16 nos of character length.

Note: Serial number up to 16 characters that is alphanumeric with special characters, unique to a financial year.

Invoice Format:

Following are some of the mandatory fields for a invoice or challan as prescribed by CGST rules:

  • GSTIN of supplier.
  • Date of issue.
  • GSTIN of the GST registered recipient for delivery along with name and address of the recipient.
  • Description of goods or services.
  • Amount.
  • Price.
  • Tax rate.
  • Amount of tax on taxable supplies in the form of CGST, SGST/UTGST or IGST.
  • HSN/SAC code.
  • Place of supply with name of the State.
  • Whether tax is payable on reverse charge basis or not.

Supplier’s Signature

There is a time limit prescribed under the law for issuing GST invoice. In case of goods, a tax invoice should be issued at the time of removal of the goods and in case of services; it should be issued within 30 days of the service being provided.

5.Maintaining files

The next thing is that we should maintain all our files. Whatever we purchase or sell or incur any other expenses, we deduct bills, etc. Whatever payment we make, it is necessary to maintain all the details by writing them on files. It is important for us to maintain all the files.

We have to keep the purchase bills and sales bills separately. We should create separate files of sales and purchase bills and keep them with us.

Apart from this, we should also keep a separate file for fixed assets like computers, mobile devices, furniture, etc. We should also maintain a file of fixed assets. Apart from this, files needs to maintained whatever electricity bill or petrol bill we have or whatever other expenses we incur, it is the salary of the employees or other expenses.

6.Two returns are made monthly.

Apart from this, you must know that there are two monthly returns. You all know that there are two monthly returns. In GST, we have to file two returns. We have to file this return first on the 11th of every month and second on the 20th of every month. Whatever cell data there is goes into GSTR One. And its last date is on the 11th. If we are a little late on the 11th, we have to face a penalty. If we are late even by one day from the due date of GSTR-3B, we have to pay a penalty Rs.50 for every day, it is Rs 25 as CGST & Rs. 25 as SGST.

Conclusion:

These are the important points which you have to do after getting the GST registration number.  Don’t forget to follow these important points. Not only this also, you must remember  to arrange a audit monthly, file gst return claim input tax credit on time. These are important points which you have to do after getting GST number.