10 Common Mistakes to Avoid While Filing GST Returns in India


10 Common Mistakes to Avoid While Filing GST Returns in India

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Goods and Services Tax (GST) is a new indirect tax in the country that has replaced a number of levies including VAT, excise duty, service tax, etc. It has become mandatory for businesses to register for GST and file returns on a regular basis. While the new GST system offers a variety of benefits, it is easy to make mistakes while filing returns. These mistakes can be costly for the business in terms of late fees, penalties and compliance issues.

One of the most common mistakes while filing GST returns is failing to report the details of outward supplies. The GSTR-1 form requires taxpayers to accurately report the invoice-wise and rate-wise data of all taxable and zero-rated supplies made during the reporting period. Incorrectly stating the details of zero-rated and exempt supplies can result in GST refund claims being denied, so it is important to take care when filling in these details.

Another mistake that is often made is incorrectly declaring input tax credit on business expenses like samples, gifts, and office expenditures. The GST law states that ITC is only eligible on goods and services used in furtherance of the business. However, many businesses use these items as marketing tools and to build relationships with clients and stakeholders.

Finally, another common mistake while filing GST returns is failing to reconcile GSTR-1 and GSTR-3B regularly. This can lead to mismatched data that may result in late fees and penalties.

 

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