GST Compliance Checklist for Startups

Navigating GST compliance can be overwhelming for startups. This comprehensive checklist will help you stay compliant and avoid common pitfalls that many new businesses face.

GST Registration Essentials

Every business with annual turnover exceeding Rs. 40 lakhs (Rs. 20 lakhs for service providers) must register for GST. However, there are exceptions and voluntary registration benefits worth considering.

When to Register Voluntarily

• You deal with other GST-registered businesses
• You want to claim Input Tax Credit
• You plan to sell on e-commerce platforms
• You want to establish business credibility

Monthly Compliance Tasks

Regular businesses need to file GSTR-3B by the 20th of each month. This includes:

• Outward supplies summary
• Inward supplies summary
• Input Tax Credit claimed
• Tax liability and payment

Common Mistakes to Avoid

1. Incorrect HSN codes: Using wrong HSN/SAC codes can lead to classification disputes
2. Missing invoices: Every invoice must be recorded for proper ITC claims
3. Late filing: Attracts interest and late fees
4. ITC mismatch: Ensure your claims match supplier filings

Pro Tips

Invest in good accounting software from day one. Automated GST compliance tools can save countless hours and reduce errors significantly.

Need Help?

GST compliance is complex but manageable with the right guidance. If you're a startup founder struggling with GST, feel free to reach out for a consultation.