GST means Goods & Services Tax and it is very popular tax system all over the world. The finance minister Arun Jaitley announced GST starts from July 1, 2017. You should avoid some common mistakes of GST that gives maximum positive benefits to you in long term. Today this article helps you to avoid the most common mistake of GST.
Proper Registration: This is one of the most common mistakes of GST you should be aware of these common mistakes. First of all, you should have proper registration for GST according to your business to pay tax to governments in a fair way. Many time people start their business and wait for GST registration in future. They do their business just by permission from the local authority such as shop and establishment. You should not wait for registration GST number. You should follow government rule and regulation very strictly to save from plenty and other fines. It is illegal to run your business without registration. This is a very important step to register for GST.
Not Filing Tax on Time: You should fill your tax according to your business tax slab on proper time. Now you can pay your tax very easy. You need not pay monthly tax so you can pay quarterly in GST that is very beneficial and time-saving process. You should pay tax on time to get the smooth run your business without any problem. You can consult CA to get the details information to pay your
GST on time. You should be very informative and ready to learn how to pay GST online that gives many positive benefits to you and your business. You have to pay late fees for not paying tax on proper time. You should have to file a return on time to avoid late fees to get the relief from late fees.
Not Seeking Opportunity: If you are searching for registration for GST, you should get the avail benefits of composition scheme according to your tax slab. You should do proper research about the avail benefits of GST that is suitable and a perfect fit for your business. You cannot change the process during the year so you should have proper knowledge about the GST that can provide maximum benefits to you and your business. You should consult reputed CA to get the best in class tax slabs and maximum benefits for you to according to your business. You should aware of getting the advantage of tax benefits in a professional way that is beneficial for you in long run.
Proper Sale and Purchase: You should have to keep a proper record for every sale and purchase. Suppose you have a turnover of 50 lakh and you are paying 8% taxes to governments. You should show all type of interstate purchase to the government to get the tax benefits by return in a proper way. You should have your business turn out details in genuine ways that are beneficial for you and your business.
These are some common mistakes you should avoid to run your business smoothly and profitable for you.