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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Regardless of the size or type of your business, it's important to file GST returns on time and accurately. Doing so will help you ensure compliance and avoid penalties or loss of revenue. To do so, you'll need to correctly report your transactions and comply with input tax credit rules.

Missed transaction reporting, incorrect GSTR-1 entries, a mismatch between GSTR-3B and GSTR-1, non-payment of tax duties, and erroneous ITC claims are just a few mistakes that can be costly for businesses. This article highlights 10 Common mistakes to avoid while filing GST Returns inIndia. However, mistakes can be costly, so it is important to avoid them as much as possible. To prevent these errors, we recommend that you keep structured and current records, reconcile your transactions, stay up-to-date on revised forms, follow deadlines, and seek professional assistance when necessary.

Incorrect ITC claim: This is a common mistake that many companies make. In order to claim ITC, you need to have valid and verified invoices for all outward supplies and inward purchases. ITC claims that are not based on valid and verified invoices may be disallowed. To avoid this, you should always check your auto-populated GSTR-2A for errors before filing it.

Nil or Zero-rated return: Businesses can lose refunds if they fail to properly categorize their nil-rated and zero-rated supplies. This can be avoided by properly identifying the nature of each supply and correctly declaring it in GSTR 1.

3. Incorrect declaration of advances: Businesses must disclose all advance payments for the provision of goods and services in their GST returns. Failure to do so could lead to interest payments and other legal repercussions.

 

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