Must to Note While Filing & Billing Via GST Compliance Software

Only on billing, no business process will be completed. Businesses will have to provide details of their sale/purchase to the prospective government and if they come under the radar of taxation, they will also have to file a tax return.

The Goods and Services Tax (GST) was introduced on July 1, 2017, it replaced all existing and past taxes such as VAT, service tax, excise, etc taxes in India. Due to a simple and common taxation system, GST billing software Small business owners need GST billing software from 1st July 2017 for billing work. We compared top 5 billing software according to their features. Read More came into existence.

GST Billing software helps businesses to prevent any GST filing and billing mistakes and also makes the overall procedure easier. However, there are some common GST billing & filing mistakes that often occur in the management of the business.

Manual Data Entry Mistakes

This is one of the most common mistakes in billing and GST return filing Get to know the online procedure of filing GST returns in India. We provide each and every GST form according to the taxpayers category. It is essential that the businessperson or practitioner must ensure that all the required details are recorded correctly and in the relevant format. This small step will help the entire system and ensure error-free data display.

Wrong Invoice Format & Wrong Calculating of Taxes

In some cases, a business person does not provide an invoice in the specified or relevant format. It will lead to some mistakes which include the place of supply not mentioned, incorrect GST number of the buyer, etc. Taxpayers need to pay attention to these details and the format of the invoice to avoid unnecessary penalties from the concerned department.

HSN Code Not Mentioned in the Invoice

For every business having an annual turnover above 1.5 crores in the preceding financial year, It is necessary to strictly mention the HSN code while issuing challan. In many cases, the registered business person forgot to mention the HSN code, which is against GST compliance.

Choosing the Wrong GST Category

GST consists of various tax slabs under IGST, SGST, and CGST Get the brief introduction of SGST, IGST and CGST. We have mentioned their full forms, meanings and adjustments of input tax credit under GST in India. If your goods or services come under the IGST slab, you cannot intend to pay SGST and vice versa. Sometimes business persons don’t possess complete knowledge of the categories of taxes under GST, thus they can make a mistake. They actually fail to understand which transaction falls under which category of GST and pay taxes under the wrong GST Category. This mistake leads to more and unnecessary tax payments.

Confusion between zero-rated and nil-rated supplies and vice-versa
Under GST, all exports fall under zero-rated supply. However, this does not mean that the tax rate on those items is 0%. This means that the tax paid on imports and exports will be fully refunded.

Thus, without proper knowledge people export items under nil-rated supplies instead of zero-rated supplies. Thus taxpayers will not be able to claim the refund. Thus, While filing GST Return, the taxpayer has to take care of all these important details.

Not Filing GSTR for Zero Sales

GST provisions state that all registered taxpayers will have to file their GSTR even if no sale has taken place within the specified tax period. Sometimes, registered taxpayers assume that there is no need to file the return because there is no sale in the specific period and that’s where they make mistakes. Registered taxpayers will have to file Nil GST Return for the said month, otherwise, a fine will be applicable.

Mismatch of GST Return Filing Periods

The taxpayer must file the GSTR-1, GSTR-3B, and GSTR-9 accurately. The mismatch in the three reports may lead to taxpayers receiving a notice.

Ignoring E-Way Bill

According to the new taxation system, The taxpayer will be liable to comply with the e-way bill. For doing this, registered taxpayers must have to accurately file their GSTR-1 concerns to the e-way bill and vice versa.

Failed to File GSTR

If the taxpayer failed to file a GST Return then this is a big mistake, they may be considering GST filing as a complex procedure, however, it will attract a penalty. That’s why all registered taxpayers should file GST returns without any delay.

A feature-rich GST billing software will ensure that the business owners file efficiently without delay. One such full-feature GST filing & billing software is Gen GST version 2.0 by SAG Infotech.

Why Should Businesses Choose Gen GST 2.0 Software?

Business Persons and business houses should choose Gen GST version 2.0 Software to avoid common billing and GST filing mistakes. It is a full-featured system that will manage everything accurately. With Gen GST Software you can easily avoid all the above mistakes and experience the next level of GST filing.

The Software can help businesses in matching returns with accuracy and with just a click. It is available for both Desktop and Online modes of operation. It allows unlimited return filing for unlimited clients and filing of several GST returns filing forms including GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 5A, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 9A, GSTR 9B and GSTR 9C. It is the perfect package for GST billing, e-filing & E way bill purposes.

So If you want to avoid all the mistakes, penalties and delays try Gen GST version 2.0 Software now!