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BusinessGST

6 Precautions Before Choosing Any Suppliers in 2021

By August 1st, 2022No Comments

1. Before choosing the vendor, you must ask for their GST Certificate

Some vendors do not register themselves under GST but still collect GST from their clients. Which leads to losses of GST paid to the purchasing party.

 

2. Before choosing the vendor, you must ask for a Canceled cheque

Check that the cheque must be their business bank account.

 

3. See Vendor’s latest GST Return filings details from time to time

This will ensure that your vendor will deposit your GST on time.

 

4. Always pay through bank to a bank account

This will help you to ensure payment traceability in case of any dispute.

 

5. Always reconcile GSTR 2A

This will ensure you that your vendor is showing exact sales in their GST returns and filing GST returns on a timely basis.

 

6. Always reconcile party ledger from time to time

This will ensure that your party and you are maintaining correct accounts of each other in their books.

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