Intro:
GST compliance is critical for SMEs to avoid penalties and build credibility. Yet, many small businesses make common filing errors. Let’s look at the top 5 and how to avoid them.
1. Missing Deadlines:
Late GSTR filings attract penalties. Set calendar alerts or outsource to professionals.
2. Incorrect HSN/SAC Codes:
Using wrong classification codes can lead to mismatches and audits.
3. Ignoring Reconciliation:
Mismatch between GSTR-2B and purchase books = blocked ITC.
4. Failing to Amend Incorrect Returns:
Once filed, wrong data needs correction through amendments.
5. Not Claiming Eligible ITC:
Many miss out on Input Tax Credit due to documentation gaps.
Conclusion:
Avoid these mistakes and stay compliant.
