What happens at a company’s year end
Accounts, audit, AGM and two forms: the annual cycle for a small private limited company.
GST for a new small business: the first ninety days
Registration, invoices and the first returns: what to set up before your first sale.
Most businesses selling goods need GST registration once turnover crosses ₹40 lakh a year, and service businesses at ₹20 lakh, with lower limits in some states. Selling online through a marketplace, or selling across state lines, usually requires registration from the first rupee.
Once registered, set up your invoices correctly. Each invoice needs your GSTIN, a serial number, the HSN or SAC code, the tax rate and the customer’s GSTIN for business sales. Billing software saves time, but a well-made spreadsheet works for the first months.
Your first returns will be GSTR-1, listing sales, and GSTR-3B, the summary with tax payment. Input tax credit on your purchases can only be claimed if your supplier has filed and the invoice appears in GSTR-2B, so check it every month.
Keep every purchase invoice, open a separate bank account for the business and pay tax on time. A small, regular routine in the first ninety days avoids most of the problems we see later.
