THE MANDATORY COMPLIANCES UNDER GST

GST MANDATORY COMPLIANCES ARE AS FOLLOWS:

1. It is necessary for the company to have its name board outside its registered office, along with its name, Company’s Identification Number, registered office address, phone number and e-mail id, fax number and website address, if any, stated in it. All the above-mentioned details are also required to be printed on the company’s billheads, business letters and on all documents (official) and publications going through the company because it can attract penalty of RS 50000.

2.The Central Board of Direct taxes and Customs (CBIC) has made the e-invoicing system mandatory for taxpayers with a turnover higher than Rs.50 crore from 1st April 2021..

3.HSN code in GSTR 1 is mandatory for all taxpayers now:

4. Every person who has registered under GST has to show it in its company/firm/sole proprietership name plate.

5. Under 45 days of GST registration one has to add its bank account details in it whether it is current/saving has in the same name on which gst has registered otherwise there are chances to cancel your GST.

Applicable to whom? –

Provisions of rule 10A applies to the newly registered taxpayer who has received a certificate of registration in Form GST REG-06 and who is assigned the Goods and Service Tax Identification Number (GSTIN).

The time limit within which the details of bank account is to be provided –

The eligible taxpayer is required to furnish the details of its bank account within earlier of the following dates –

• 45 days from the date of the grant of the registration; or
• Due date of furnishing of GST return as per section 39 of the CGST Act.