GST Compliance: What Every Business Owner Should Know

# GST Compliance: What Every Business Owner Should Know GST (Goods and Services Tax) compliance is essential for registered businesses in India. Here's what you need to know: ## Registration Requirements Businesses with annual turnover exceeding the threshold must register for GST. ## Filing Requirements Regular filing of GST returns is mandatory for compliance. ## Key Deadlines - GSTR-1 (Outward supplies): 11th of next month - GSTR-3B (Monthly summary): 20th of next month - Annual return: 31st of December ## Record Keeping Maintain comprehensive records of all transactions, invoices, and payments. ## Common Mistakes to Avoid - Missing filing deadlines - Incorrect HSN/SAC codes - Not maintaining proper records - Ignoring audit requirements ## Penalties for Non-Compliance Penalties can range from INR 1,000 to 10% of tax amount for various violations. Stay compliant to avoid penalties and legal issues!