Filing GST annual returns can be challenging. Here are the most common mistakes taxpayers make and how to avoid them.
1. Mismatch in ITC Claims
One of the most frequent issues is mismatch between GSTR-3B and GSTR-2A/2B. Always reconcile your input tax credit before filing.
2. Incorrect Turnover Reporting
Ensure that your reported turnover matches your financial statements and other GST returns.
3. Late Fee Calculations
Many taxpayers underestimate late fees. For delayed filing, late fee is ₹50 per day (₹25 each for CGST and SGST).
Best Practices
- Reconcile books with GST returns quarterly
- Maintain proper documentation for all transactions
- File before the due date to avoid penalties