10 Common Mistakes to Avoid While Filing GST Returns in India


10 Common Mistakes to Avoid While Filing GST Returns in India

"Call Our Business Plan Experts at +91-72999-72500"


10 Common mistakes to avoid while filing GST Returns in India

Filing returns accurately and on time is essential for businesses in order to avoid penalties and maintain compliance. This article will discuss some common mistakes that taxpayers often make while filing GST returns that can lead to unanticipated cash flows, loss of input tax credit, and unfavourable working capital.

One of the most common mistakes is filing under the wrong GST heading. This can cause tax liability and/or input tax credit to be registered incorrectly, leading to confusion in the future when claiming ITC or paying taxes.

Another error that can occur is registering supplies under the wrong type of GST rate. This can result in inaccurate reporting of sales to the government, which can lead to unnecessary fines and penalties. Businesses should ensure that all outward supply details are filed using the correct HSN or Services Accounting Code, and that all rates are applied correctly.

Finally, it is important for businesses to report their exempted and zero-rated supplies accurately in their returns. These supplies should be marked as such in GSTR-3B and GSTR-1, and the taxpayer should always reconcile their tax payments with their tax liability to avoid interest or penalty.

Additionally, if a business receives advance payment for goods or services, it must be reported in GSTR 1. If this information is not accurate, it can lead to unanticipated cash flow and unfavourable working capital. Lastly, it is important for companies to ensure that their exports and deemed exports are correctly recorded in GSTR 1, as failure to do so may result in the loss of GST refunds.

 

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