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10 most Common Errors/omissions under GST?

  1. 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 pe
    ii) Promotional discount offered by dealer to retailer;
    iii) JDA arrangements in Real Estate transactions etc.
  2. Claimed ITC which is not eligible as per law;
  3. Not reversed ITC which needs to reversed due to non payment to creditors, effecting exempted supply, inward used for personal purposes etc.
  4. Mis-match among books of accounts, GSTR-1, GSTR-3B;
  5. 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;
  6. Availing ITC on import of services while it was not taxable for any reason;
  7. Procedural issues not resolved in time has the longest list;
  8. Place of supply provision has maximum errors/omissions which may lead to glaring tax demands in time to come?
  9. Time of supply has also not being adhered in more than 50% cases;
  10. Last but not least, non- Compliance of Valuable provisions in letter &: sprites.

Filing GST Annual Returns and GST Audit has already started for FY 2017-18 on basis of which everyone is finding it very challenging. This may not resolve all your errors/omissions but to a great extent will help all of us to resolve many of them. Most importantly, will learn not to repeat in future.

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