Mistakes to avoid in Charging or Reversing of GST

As we know GST shortly has no such provision to modify or alter a return once it has been filed. While the current system for amending returns is formulated. Therefore, he has to be exceptionally alert while filing his GST returns to prevent the suffering of excessive reconciliations. In this article, we will talk about the Mistakes to avoid in charging or reversing of GST.

GST on Outward side

GST compels to be indicted on following incomes but Not charged.

1. Sale of overhauled asset or sale of the car – Forgotten to charge GST

2. Lease On Commercial Property obtained But GST has been received & paid

3. Freight Charged By Supplier On Goods Sold But forgot to indict GST on that

4. Commission Income received but GST NOT CHARGED

5. Purchase return indicated as “Sales” and expelled GST as “Outward tax” mistakenly.

GST under RCM

If any GST compelled to be compensated under RCM but not paid

1. Advocates Fees

2. Security Services

3. Import of services

4. Freight services (Whether On Inward Or Outward)

Significant GST Return Filing Mistakes to Avoid

1. Not filing GST returns for zero sales

It is crucial to be aware that you have to file GST Returns despite zero deals. If you Fail to do so, you will be obliged to reimburse a penalty for late filing/not filing GSTR.

2. Errors while invoice-wise uploading data in GSTR-1

GSTR-1 obliges that invoice-wise data be uploaded of all outside supplies such as invoice date, invoice amount, place of supply, rate of tax.

3. Claiming wrong input tax credit

GSTR-2a is an auto-generated return in which a taxpayer’s possession and related input-tax credit are declared by the respective supplier.

Mistakes to avoid in Charging or Reversing of GST

If incorrectly taken ITC but not reversed IT

1. Goods Destroyed/lost | Personal Expenses or Exempted Goods Manufactured then you require to reverse it (R.42/43)

2. Incorrectly claimed ITC twice. Expenses/Purchase bill embarked twice So claimed ITC twice

3. Wrongly Claimed IGST instead of CGST + SGST

4. Mistakenly claimed CGST + SGST instead of IGST know more about Errors to avoid in Charging or Reversing of GST.

If you want any other guidance related to GST Registration or GST Return filing, please feel free to talk to our business advisors at 8881-069-069.

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