1οΈβ£ Claiming Incorrect Input on Goods/Services
β‘οΈ Remember, input tax credit (ITC) is blocked on certain items. π« Do not claim ITC for purchases like motor vehicles or any restricted goods/services.
2οΈβ£ Not Paying GST on Reverse Charge Payments
β‘οΈ Be aware of RCM (Reverse Charge Mechanism) obligations, such as payments made to lawyers or goods transport services. ππΌ
3οΈβ£ Not Reconciling Books & GSTR-2B
β‘οΈ π Itβs essential to reconcile differences between GSTR-2B and your books. Identify the gaps and follow up with clients whose GST input isnβt reflected in GSTR-2B.
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