10 Common Mistakes to Avoid While Filing GST Returns in India


10 Common Mistakes to Avoid While Filing GST Returns in India

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10 Common mistakes to avoid while filing GST Returns in India

As a taxpayer, it is your responsibility to file returns on time and pay taxes under the correct heads. Not doing so can result in penalties and financial losses for your business.

The GST return filing system is complex and requires a lot of manual data entry to generate reports. It's common for human error to occur during this process which can lead to mistakes in GST filing and compliance. 

Here are some of the common errors that can be avoided:

Putting wrong details in GSTR-1 form:
This is one of the most common mistakes that are committed by the taxpayers. While filling the GSTR-1 form, they tend to enter wrong invoice details such as place of supply and rate of tax. This can lead to mismatch of data between GSTR-3B and GSTR-1, which in turn can result in revenue loss.

Not paying attention to exempted and nil-rated turnover:

This might seem like a simple mistake, but it can be a serious one that can affect the GST refunds you're entitled to. Every registered taxpayer is required to report their nil-rated and exempted turnover in their returns. Not doing so will lead to a penalty of up to Rs. 10,000 per month, which can quickly add up to a substantial amount of money.

Not submitting ITR-V:

It's important that you submit the ITR-V, which is the one-page acknowledgment you receive after e-filing your return, within 20 days of submission. Failure to do so will make your return deemed unfiled, and you'll have to pay a late-payment penalty of 1 percent of the total tax paid.

 

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