10 most Common Errors/omissions under GST?
- 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.
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.