To ensure a smooth and timely GST payment from BASIC Home Loan, partners (sellers) must follow the process outlined below. This ensures that the GST you are entitled to is received once you meet the necessary filing and documentation requirements.

1. Register for GST

• Requirement: Partners must have a valid GST registration.
• Action: Ensure that your GSTIN (GST Identification Number) is active and registered with the GST authorities.

2. Issue GST-Compliant Invoices

• Requirement: All invoices must be GST-compliant to ensure proper claim of Input Tax Credit (ITC) and processing by BASIC Home Loan.
• Action:
  • Issue invoices with your GSTIN and mention BASIC Home Loan's GSTIN.
  • The invoice must contain the correct GST rate (typically 18% for services).
  • Provide detailed information such as service description, taxable value, and the GST amount (CGST + SGST or IGST).

3. File GSTR-1

• Requirement: Partners must file GSTR-1 accurately and on time.
• Action:
  • Ensure all sales and services provided to BASIC Home Loan are included in your GSTR-1 filing.
  • File GSTR-1 by the 11th of each month, reporting the details of sales made in the previous month.
  • Once filed, the details of these invoices will be visible in the GST 2B statement of BASIC Home Loan.

4. Monitor GST 2B for Accuracy

• Requirement: The invoices filed in GSTR-1 should appear in BASIC Home Loan’s GST 2B statement for the respective month.
• Action:
  • Regularly check your GST 2B statement on the GST portal to ensure that your filed invoices are included.
  • Confirm that the GST 2B data reflects the same details as your GSTR-1, including the correct GST amount.

5. Send Invoice to BASIC Home Loan

• Requirement: BASIC Home Loan requires a copy of the GST-compliant invoice.
• Action:
  • Once GSTR-1 is filed, send the invoice to BASIC Home Loan for verification.
  • Ensure all invoices are sent promptly to avoid delays in GST payment.

6. BASIC Home Loan Verifies GSTR-1 and GST 2B Data

• Requirement: BASIC Home Loan will cross-check the invoices with the GST 2B statement and your GSTR-1 filing.
• Action:
  • Ensure your GSTR-1 is filed correctly and on time to avoid any discrepancies.
  • Any mismatch in details could lead to delays in processing payments.

7. GST Payment Processing by BASIC Home Loan

• Requirement: BASIC Home Loan processes the payment of the GST amount after verifying the GSTR-1 and GST 2B data.
• Action:
  • Once the GST details are validated, BASIC Home Loan will release the payment for the GST amount to you.
  • GST payment is made only when the information is confirmed in the GST 2B statement.

8. Keep Records Updated

• Requirement: Maintaining accurate records is crucial for timely GST payments.
• Action:
  • Keep a record of all invoices issued, GST filings, and GST payments.
  • In case of any discrepancies, promptly provide clarification to BASIC Home Loan to ensure smooth processing.

Key Steps for Partners to Receive GST Payment:

1. Register for GST and ensure GSTIN is active.
2. Issue GST-compliant invoices with detailed information.
3. File GSTR-1 by the 11th of each month, reporting all services provided to BASIC Home Loan.
4. Monitor GST 2B for invoice reflection and accuracy.
5. Send the invoice to BASIC Home Loan after filing GSTR-1.
6. BASIC Home Loan verifies the GSTR-1 and GST 2B details.
7. Receive GST payment after verification of GST 2B and GSTR-1 data.

Following this process ensures that you will receive timely GST payments from BASIC Home Loan. Ensure that all GST filings and invoicing are done accurately and on time to avoid any delays.