GST-ready bookkeeping checklist

GST filing season catches a lot of firms unprepared — not because they don't know what to file, but because their books aren't in a state where filing is straightforward. Here's a checklist to get your books GST-ready, in the order you should tackle it.

1. All bank statements imported

Every bank account used for business transactions should have its statements imported into your accounting system. Don't skip personal accounts that mix business transactions — GST applies to all business transactions regardless of which account they flowed through.

2. Bank reconciliation complete

Your books should match your bank statements. Any timing differences (cheques issued but not cleared, deposits in transit) should be documented. Unreconciled differences mean your GST return will be based on incomplete data.

3. All invoices recorded

Sales invoices and purchase invoices should all be entered. Check for any invoices received via email that haven't been entered yet. Missing purchase invoices mean you're claiming less input credit than you're entitled to.

4. GSTIN verification

Verify that all vendor GSTINs in your records are valid. Input credit is only available if the vendor's GSTIN is valid and they've filed their returns. Check the GST portal for any GSTINs that are inactive or cancelled.

5. HSN/SAC code review

Ensure all items in your inventory and services have correct HSN/SAC codes. Wrong codes mean wrong tax rates, which means either overpayment or underpayment (and potential penalties).

6. Input credit reconciliation

Match your purchase register with GSTR-2A/2B. Any invoices in your books that don't appear in GSTR-2A mean you can't claim input credit on them until the vendor files. Flag these and follow up with vendors before filing.

7. Reverse charge transactions

Identify any transactions liable under reverse charge mechanism. These require you to pay GST yourself and claim input credit separately. Common categories: legal services, GTA services, insurance services.

8. Export transactions

If you have export transactions, ensure they're properly documented with shipping bills, bank realization certificates, and other required documents. Exports are zero-rated but require proper documentation to claim the benefit.

The bottom line

GST filing shouldn't be a scramble. If your books are maintained regularly throughout the period, filing becomes a review exercise rather than a data entry marathon. The checklist above is what separates a smooth filing from a stressful one.