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"


One of the most common mistakes made while filing a return is forgetting to mention the TDS and TCS information. This needs to be declared as it enables the taxpayers to get credit on their returns, which can then be used for paying their GST liabilities. In case the taxes are not paid properly, it will result in penalties and loss of money.

Another mistake that is often made by people who file GST is not declaring their export sales correctly. It is essential to state that export sales are zero-rated, not general sales. It is also necessary to provide correct HSN/SAC codes. Also, there are some instances where buyers pay GST directly to the government under the reverse charge mechanism, so it is vital that this is noted when filling out GSTR-1 and GSTR-3B forms.

Lastly, it is a common error to claim input tax credit that is not eligible. It is important to review your auto-populated GSTR-2A, GSTR-3B, and purchase books to ensure that you are claiming only the eligible amount of ITC.

The best way to avoid these errors is to stay organized and have a good system of filing your returns. neatly arranged in folders to minimize chances of making mistakes. It is also a good idea to use a GST conversant professional who can file your returns on time and correctly.

 

Tel:+917299972500

info@filingpoint.com

Comments

Post a Comment

Popular posts from this blog

Top 3 Reasons to Hire a Software Company Registration Consultant

Image
Call our experts for Software Company Registration Consultants at +91 72999 72500 Introduction: Starting a software company is an exciting venture filled with potential for innovation and growth. However, the process of registering your new business can be complex and time-consuming. Navigating through legal requirements, ensuring compliance, and setting up the right structures are crucial steps that can determine your company's future success. This is where a software company registration consultant comes into play. Here are three compelling reasons why hiring one is a smart move for your startup.   1. Mastery of Legal and Regulatory Requirements A significant benefit of hiring a software company registration consultant is their in-depth knowledge of legal and regulatory processes. Setting up a software business requires adherence to various legal steps, including selecting the appropriate business structure, registering with government entities, and complying with loca...
Read more

How to Create Software Company Registration in Pernampattu, Vellore

Image
Call Our Consultants Experts for Software Company Registration in Pernampattu, Vellore at +91 72999 72500 Introduction Starting a software company in Pernampattu, Vellore, has been made simpler and more accessible with Filingpoint's professional services. With 14 years of experience in company registration, Filingpoint offers expert guidance and ensures a seamless process for new entrepreneurs. Their comprehensive package includes company registration at an affordable rate of Rs 999/-, along with free consultation .   How to Create Software Company Registration in Pernampattu, Vellore The first step in registering your software company involves choosing a unique company name and verifying its availability. Filingpoint assists in this process by conducting thorough checks to ensure the name is not already in use and complies with regulatory standards. Once the name is approved, the next step involves preparing the necessary documents, such as the Memorandum of Associa...
Read more

The Tax Benefits of Registering an LLP in India

Image
Call our filingpoint experts at +91 72999 72500 or visit https://filingpoint.com Introduction: Registering a Limited Liability Partnership (LLP) in India offers significant tax benefits, making it an attractive option for entrepreneurs. An LLP structure combines the flexibility of a partnership with the advantages of limited liability, providing a more efficient and tax-friendly business model. FilingPoint , a leading service provider, simplifies the registration process, ensuring compliance and maximizing the available tax incentives.   The Tax Benefits of Registering an LLP in India:   Limited Liability Partnership (LLP) is becoming popular among start-up entrepreneurs due to its numerous benefits offered by the government and various stakeholders. These include a distinct legal identity, easy process of incorporation, flexible management structure and attractive tax benefits. Moreover, it helps in securing bank loans with ease as its documents and records are of...
Read more