Freelancers and consultants often operate with fewer transactions than larger companies, but GST compliance can still require careful attention.
Important records
Freelancers should maintain:
- Client invoices
- Expense invoices
- GST payment records
- Bank statements
- Client GSTIN details
- Credit/debit notes where applicable
Common freelancer mistakes
Some common problems include:
- Not maintaining proper invoices
- Using incorrect GST details
- Ignoring export-related requirements
- Delaying return filing
- Failing to reconcile expenses
A simple accounting system combined with regular GST reconciliation can make compliance much easier.
