10 Common Mistakes to Avoid While Filing GST Returns in India

10 Common Mistakes to Avoid While Filing GST Returns in India

GST is a complex tax system with multiple forms, formats and rules. Due to the sheer number of data points taxpayers have to input it's not surprising that human errors are a part of the process. But if these errors are not corrected on time they can lead to serious consequences and compliance issues.

Taxpayers often assume that if they have no transactions in a particular period, there is no need to file a GST return. One of the most common mistakes that taxpayers make is not verifying the invoice details before submitting them in GSTR-1. This can result in a mismatch between the details filed in GSTR-1 and the data that is auto-populated in GSTR-3B. It is also important to check for incorrect HSN/SAC codes as these can result in erroneous calculation of tax.

Another mistake that many taxpayers make is not reporting exempted or nil-rated turnover in GSTR-1. This can lead to an unfavourable cash flow situation as buyers will not be able to claim the ITC on such purchases.

It is also important to ensure that the correct details are entered for export sales in GSTR-3B. It is important to separate B2B and B2C supplies as the details reported in these two tables are different. Moreover, it is important to correctly report the tax rate and quantity for each supply.

It is essential to keep up-to-date with the latest GST rules and guidelines to avoid common mistakes when filing returns. It is also important to file returns on time to avoid late fees and interest charges. Finally, it is important to regularly reconcile data between GSTR-1, GSTR-3B and purchase books to ensure accuracy and consistency.

 

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