10 MOST COMMON ERRORS/OMISSIONS UNDER GST?

Navigate the complexities of GST effortlessly with insights into the 10 most common errors and omissions. Enhance compliance and protect your business.

• You may have missed some taxable supply which you think is not Taxable or could not identify some invisible transaction as supply e.g.
  i) Rent not charged from related person;
  ii) Promotional discount offered by dealer to retailer;
  iii) JDA arrangements in Real Estate transactions etc.
• Claimed ITC which is not eligible as per law;
• Not reversed ITC which needs to reversed due to non payment to creditors, effecting exempted supply, inward used for personal purposes etc.
• Mis-match among books of accounts, GSTR-1, GSTR-3B;
• Import of Goods and Services has large number of errors/omissions such as; non payment of GST under RCM on import of services, considering export of services is non taxable in all cases but many case it is not or not- creating of supply if amount not received within specified period in foreign currencies;
• Availing ITC on import of services while it was not taxable for any reason;
• Procedural issues not resolved in time has the longest list;
• Place of supply provision has maximum errors/omissions which may lead to glaring tax demands in time to come?
• Time of supply has also not being adhered in more than 50% cases;
• Last but not least, non- Compliance of Valuable provisions in letter &: sprites.

Steer clear of GST pitfalls! Learn to avoid the 10 most common errors. Elevate your compliance game and safeguard your business. Contact the best Chartered Accountant Firm In India to get the best solutions.