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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The new Goods and Services Tax (GST) returns system offers a number of benefits, including simplification, frequency, data accuracy, and reduced compliance burden. However, it's important for taxpayers to understand the new forms and procedures in order to avoid costly mistakes.

Wrong or incomplete bank details: Another common mistake that leads to delayed refunds is providing the wrong banking details. Make sure to include the correct IFSC code, bank name, account number and date of opening in your GST return.

Having the wrong GST heads: Often, businesses report supplies under incorrect GST heads. This can affect your bottom line liquidity and short term working capital. It's also important to be aware of the difference between zero-rated and nil-rated goods and services, as these two categories are treated differently in GST calculations.

These common mistakes can be avoided by keeping structured records, reconciling transactions, understanding revised forms, meeting deadlines and seeking professional assistance. Taking these steps can help you to avoid costly errors that can impact your business. So, don't hesitate to contact the expert team at FilingPoint for any GST or accounting support you may need. We can help you with your compliance needs and ensure that you are filing accurate GST returns.

 


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