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How to Keep up With GST Compliance

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Created on
May 19, 2023


What’s Inside

As a small or large-scale business owner, understanding GST regulations will help simplify taxes. Your company has to be GST compliant, which means documenting purchases and paying taxes properly.

However, lacking clarity about GST can lead to heavy fines or penalties.

That’s why it’s essential to know the different compliance steps. These include business registration, tax return filing, and raising invoices. Curious to know more? This GST compliance checklist will tell you all about it.

Determine If You Need GST Registration

The first compliance step is determining if your business is liable for compulsory registration.

You need to maintain GST regulations according to your annual turnover. Generally, most businesses providing goods or services with a turnover of INR 40 lakhs require GST registration. Companies with an annual turnover of INR 20 lakhs are liable for the process.

The annual income of the previous fiscal year is applicable here. You also must register your business under GST if you belong to any of the following categories –

  • Non-resident taxable citizens
  • Casual taxable citizens
  • Interstate suppliers
  • Input service distributors
  • Online business providers offering services to a non-registered Indian from outside the country
  • Sales agents making deals on someone’s behalf
  • E-commerce operators provide a platform to service providers
  • People required to deduct TCS and TDS under GST

Complete the Registration

After you know the business’s GST compliance eligibility, move forward with the registration.

You can complete this online process by visiting the official website of GST. So, head to the platform to provide details like PAN card number, mobile number and official email address. You also have to mention the place of registration in the GST REG-01 Form A.

After the platform verifies all the details, submit the necessary identification documents through your TRN number. A digital signature will be required for these documents. Then, the associated authorities will examine all your details.

Follow the instructions and enter details correctly to avoid getting rejected by the department.

After 3 to 7 days, you will receive your GST registration certificate with your unique GSTIN (Goods and Services Tax Identification Number).

Fulfil Tax Invoice Compliance

After business registration, you have to focus on tax compliance regulations. You are required to submit a tax invoice for every transaction. This invoice must have the following details to be GST-compliant –

  • Name
  • Billing and shipping address
  • Registered GSTIN
  • Place or location of supply
  • The supplier's signature
  • Invoice date and number
  • Taxable discounts and values
  • Amount of taxes and tax rates
  • GSTIN of the supplier
  • Description, number of units, amount and total item valuation
  • Invoice reference number
  • QR code
  • HSN code for goods and services

All these details must be carefully included in the invoice. Otherwise, you may suffer penalties up to INR 25,000.

File Your Returns

You must file your GST returns on time monthly, yearly, or quarterly. Most importantly, you need to file returns even if you did not have any business transactions during the period.

The entire process will take place online which will include these forms –

  • GSTR-1 will include all the sales details you must file.
  • GSTR-3B contains the summarised details of taxes paid, tax liability, input tax credit and any outward sales for a particular period.
  • GSTR-9 return is a must-fill form for Taxpayers having an annual income of more than INR 2 crores. It includes details about outward sales, inward purchases, payable taxes and paid taxes.


After understanding the GST compliance meaning and associated rules, follow them strictly. This will keep you away from GST fines and administrative hassles. Plus, you’ll manage your business processes and finances better. Speaking of better financial management, there's no better platform to help you achieve this than Fi.

Fi, the AI-powered money management platform, can simplify your tax decisions by providing a comprehensive view of your finances. With Fi's Analyser, you can track your expenses by merchants/brands, categories such as food or entertainment, and daily/monthly time frames, which can help you identify potential tax deductions and credits. Additionally, Fi can offer helpful nudges to maximise your savings and investments, ultimately leading to greater tax savings. The Insights Hub on Fi's Analyser can also provide your credit score, which can be a valuable factor in tax planning. By utilising Fi's platform, you can easily make informed tax decisions.

Frequently Asked Questions

1. How Is GST Compliance Done?

GST compliance involves registration, tax invoice generation, invoice submission, and filing of GST returns timely.

2. Why Is GST Compliance Important?

Before the government's point of view, your business must remain completely transparent regarding GST compliance, including aspects like business transactions and turnover.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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