1️⃣ Claiming Incorrect Input on Goods/Services
➡️ Remember, input tax credit (ITC) is blocked on certain items. 🚫 Do not claim ITC for purchases like motor vehicles or any restricted goods/services.
2️⃣ Not Paying GST on Reverse Charge Payments
➡️ Be aware of RCM (Reverse Charge Mechanism) obligations, such as payments made to lawyers or goods transport services. 🔄💼
3️⃣ Not Reconciling Books & GSTR-2B
➡️ 📊 It’s essential to reconcile differences between GSTR-2B and your books. Identify the gaps and follow up with clients whose GST input isn’t reflected in GSTR-2B.
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