Explain the importance of setting up the GST status of a supplier in the system. Include the following points in your answer:

• Clarify the significance of GST (Goods and Services Tax) in financial transactions.
• Discuss the implications of suppliers being registered or not registered for GST.
• Explain the potential consequences of incorrectly setting up the GST status in the system.
• Highlight the importance of accurately claiming GST to ensure compliance and avoid false claims.