10 Common GST Mistakes Small Business Owners Make and How to Avoid Them.
As a Tax professional, I’ve seen first-hand how small business owners, despite their best intentions, stumble into some common pitfalls when dealing with GST. It’s completely understandable—GST can be complex, and managing a business is already a full-time job! But the good news is, with a little attention and some guidance, you can avoid these mistakes and keep your business running smoothly. Let’s dive into the top 10 GST mistakes I often come across and how you can steer clear of them. 1. Not Registering for GST When Required The Mistake: Many small business owners assume they don’t need to register for GST unless their turnover crosses ₹40 lakhs (₹20 lakhs for service providers). But sometimes, even if your turnover is below this limit, you must register, like if you're engaged in inter-state sales or e-commerce. How to Avoid: Stay informed about the GST registration rules. If you're unsure whether you need to register, consult a GST professional or check the officia...