The Goods and Services Tax (GST) has streamlined India’s indirect tax regime; however, for growing businesses, compliance can still feel complex. Missing a return deadline or an incorrect filing can result in penalties, blocked credits, and operational bottlenecks. Here’s a practical guide to GST filing essentials that every business must know.
Financial Accounting Taxation
Know Your GST Return Types
– GSTR-1: Monthly or quarterly sales details
– GSTR-3B: Monthly consolidated return for taxes payable
– GSTR 4: Composition scheme dealers
– GSTR-6: Input Service Distributors (ISD)
– GSTR-7/8: For TDS/TCS deductors
– GSTR-9/9C: Annual summary return and reconciliations
– GSTR-10: Any person whose GST registration is cancelled or surrendered. Identify which returns apply to your business and stay updated with filing frequencies.
Avoid Common Filing Errors
– Mismatch between GSTR-1 and 3B
– Mismatch between e-invoicing data, books of accounts, and GSTR-1
– Wrong HSN codes or invoice dates
– Inaccurate ITC (Input Tax Credit) claims
– Late filing leading to late fee and interest
– Not responding to or acting on alerts generated via the Invoice Management System (IMS)
Stay on Top of Deadlines
GST return timelines vary for monthly vs. quarterly filers. Missing due dates leads to auto-calculated interest and late fees. Use automated reminders or a GST filing dashboard to stay compliant.
Reconcile Input Tax Credit Regularly
Ensure the vendors have filed their returns properly so that your ITC reflects in GSTR-2B. Reconciliation is key to maximizing credit and avoiding disputes.
Use Reliable Software or CA Support
Manual filing can lead to errors. Consider using cloud-based GST tools or outsourced compliance with a CA firm for accuracy and timeliness.
Confused by GST deadlines or credit reconciliation? ATMS & CO LLP helps businesses simplify GST compliance with monthly filing, audit readiness, and advisory.
📞 Call us: 022-6267-3333 | 📧 Email: info@atmsco.in