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"


Goods and Services Tax (GST) is a complex indirect tax system that requires businesses to adhere to numerous rules and regulations.

Filing GST returns is an important aspect of maintaining compliance. However, it is not always easy. Some mistakes while filing GST returns can result in penalties or unwanted attention from tax authorities. To help avoid these errors, here are 10 Common mistakes to avoid while filing GST Returns in India.

Disclosing under the wrong GST heads

This is one of the most common errors that taxpayers make while submitting GSTR-1. Disclosing under the wrong heads can cause confusion and lead to mismatches in tax payments and refunds. It is essential to make sure that the correct HSN/SAC codes are used when registering supplies and filing returns.

Incorrect ITC claim and reversal

It is essential to report correctly the input tax credit claimed and reversed in the returns. Incorrect reporting of ITC can lead to unfavorable cash flow and incorrect tax calculations.

Non-filing of annual return

It is essential to file the annual GST return within the specified deadline in order to provide a consolidated summary of the entire financial year's transactions. Failing to submit the return will result in penalties and may also affect the eligibility for tax refunds on exports and considered exports. Businesses should seek the assistance of a GST practitioner to ensure that they meet the filing deadline and avoid fines and legal complications.

 

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