10 Common Mistakes to Avoid While Filing GST Returns in India
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Whether you're an established business or a start-up, there's no doubt that filing returns under GST is a complex and time-consuming process. Moreover, it's easy to make mistakes while filing GST returns online that can be costly for your business.
It's important to take extra care when filing GST returns, especially since there are no provisions for amending them. Incorrect GST returns can lead to penalties and interest that may significantly impact your bottom line. Hence, it's crucial to understand the common GST return filing issues and mistakes so that you can file your returns correctly every month.
One of the most common mistakes is declaring input tax credit that you're not eligible to claim. This can be a costly mistake as it can result in a loss of liquidity and short-term working capital. You must thoroughly check and verify your auto-populated GSTR-2A and GSTR-3B and purchase books to ensure that you're only claiming the amount of ITC that you're eligible for.
Another common mistake is paying the wrong GST rate. This can be a big problem if you're selling goods or services that fall under more than one GST rate. For example, if you're selling an item that's subject to both CGST and SGST, then you need to ensure that you're charging the right GST rate. You can do this by checking your GSTR-3B and invoice-level details to see which GST rate you're using.
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