Introduction
The Goods and Services Tax (GST) has transformed India's indirect tax landscape since its implementation in 2017. As we move into 2025, businesses must stay updated with the latest compliance requirements to avoid penalties and ensure smooth operations.
Key GST Compliance Requirements
1. Regular Return Filing
Businesses registered under GST must file regular returns based on their turnover:
- GSTR-1: Details of outward supplies (monthly/quarterly)
- GSTR-3B: Summary return with tax payment (monthly)
- GSTR-9: Annual return
- GSTR-9C: Reconciliation statement (if turnover exceeds ₹5 crore)
2. E-Invoicing Requirements
From April 2024, e-invoicing is mandatory for businesses with turnover exceeding ₹5 crore. Key points include:
- Real-time validation through Invoice Registration Portal (IRP)
- QR code generation for B2C invoices
- Integration with accounting systems
3. Input Tax Credit (ITC) Reconciliation
Regular reconciliation of ITC is crucial:
- Match GSTR-2A/2B with purchase records
- Identify discrepancies early
- Maintain proper documentation
Best Practices for GST Compliance
- Automate Record-Keeping: Use GST-compliant accounting software
- Regular Reconciliation: Monthly reconciliation of books with GST portal
- Timely Filing: Set reminders for all due dates
- Professional Review: Periodic review by CA professionals
Conclusion
GST compliance requires systematic processes and regular monitoring. At JMRCA, we help businesses navigate these complexities with our comprehensive GST advisory services.
Need assistance with GST compliance? Contact us for a consultation.
