The Goods and Services Tax (GST) regime simplified indirect taxation in India, but compliance can still feel overwhelming for small business owners. Here is a practical breakdown.
When Do You Need GST Registration?
Businesses with annual turnover exceeding the prescribed threshold (₹40 lakh for goods, ₹20 lakh for services in most states) must register for GST. E-commerce sellers and certain categories must register regardless of turnover.
Key GST Returns to File
- GSTR-1 — Outward supplies (sales)
- GSTR-3B — Summary return with tax payment
- GSTR-9 — Annual return
- GSTR-9C — Reconciliation statement (for turnover above ₹5 crore)
Common GST Mistakes to Avoid
Late filing attracts penalties and interest. Input Tax Credit (ITC) mismatches, incorrect HSN codes, and missing invoices are among the most common errors. A CA can set up proper invoicing, reconciliation, and filing schedules so you stay compliant year-round.