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 major tax reform that has replaced multiple levies such as service tax, excise duty, and VAT. It's essential to file accurate GST returns to maintain compliance with tax regulations and avoid penalties. 

Despite its benefits, filing GST returns can be daunting and confusing for taxpayers due to its complex rules and guidelines. Filing errors may lead to significant penalties and late fees. In this article, we'll discuss 10 Common mistakes to avoid while filing GST Returns in India.

Disclosing Items under the Wrong GST Heads

It's common for taxpayers to register their tax liabilities and input tax credit under the wrong GST heads. This mistake can be costly for your business both legally and internally. For example, if you accidentally disclose goods and services under the CGST head instead of the IGST head, you will be required to pay tax on your imported supplies even though it's not your liability.

Failing to Update GSTIN Details

Keeping up with the latest changes in GST laws is crucial for businesses of all sizes. However, it's not uncommon for firms to make mistakes while updating their GSTIN details or submitting their returns. Incorrect GSTIN details can result in penalties from the government and inaccurate tax calculations. Fortunately, there are many solutions out there that can help you keep up with the changing GST laws. Volopay, for instance, makes it super easy for companies to reconcile statements, maintain books, and stay on top of their financial records.

 

Tel:+917299972500

info@filingpoint.com

Comments

Post a Comment

Popular posts from this blog

How to Register Annual Filing in India - A Step-By-Step Guide

Image
How to Register Annual Filing in India - A Step-By-Step Guide Every company registered under the Companies Act, must file their audited financial accounts and Directors Report with the Registrar of Companies annually. This process is called ROC Annual Filing and it's an essential part of any business in India.  The process involves several forms and documents that need to be filed with the ROC in a timely manner in order to avoid late filing fees. In this article, we'll take a look at the ROC Annual Filing process in detail and discuss some important deadlines to keep in mind. ROC Form AOC-4, which contains details and annexure regarding the Balance Sheet of the company, Profit & Loss Account, Compliance Certificate, Documents pertaining to the Registered Office Address, Shares and Debentures, and information about the Directors of the company. If you're running a One Person Company , you'll also be required to file your ROC Form MGT-7 annually. T...
Read more

What Are the Documents Required for Company Registration in India

Image
What Are the Documents Required for Company Registration in India When it comes to starting a new business, entrepreneurship is an exciting venture for any business owner. However, to ensure that the venture is successful, it's important for entrepreneurs to remain active in the 'legal game', especially when it comes to gathering and filing the necessary documents for company registration. As the process of company registration has shifted online, it's becoming even easier for entrepreneurs to register their businesses in India, the 3rd largest economy in Asia and 2nd biggest consumer market. Documents Required for Company Registration The first step in registering a Company is to choose the right corporate structure that best suits your business needs. There are several types of companies, including Private Limited Companies , Public Limited Companies, One Person Companies, and Limited Liability Partnerships. Choosing the right business structur...
Read more

25 Low-Cost Small Business Ideas for Company Registration in India?

Image
25 Low-Cost Small Business Ideas for Company Registration in India? "Call Our Business Plan Experts at +91-72999-72500" Looking ahead to the future, the landscape of small businesses in India holds tremendous potential for innovation and growth.  Here is a curated list of 25 low-cost small business ideas that are poised to thrive in the evolving business environment: 1. Sustainable Products: Focus on eco-friendly and sustainable product offerings, meeting the growing demand for environmentally conscious choices. 2. E-commerce Reselling: Start an online store by reselling unique and niche products to a global market. 3. Remote Work Solutions: Offer services and tools that support remote work, including coworking spaces, virtual meeting platforms, and ergonomic home office setups. 4. Health and Wellness Coaching: Provide holistic health and wellness coaching, addressing physical and mental well-being. 5. Personalized Education: Develop pers...
Read more