phoenixtax October 6, 2020The GSTR-1 filing is mandatory for all registered taxpayers who have to file their complete sales details on a monthly or quarterly basis. The filing of details may include invoices, any sales made to the unregistered business, and also to end consumers including the percentage details. This GSTR-1 is fully based on the company’s turnover if more than Rs.1.5 crore they have to file annually, if it is under the said value they can file on a quarterly basis. The filing process has a due date as the 11th of every month.
So let us look the process of GSTR-1 filing in Chennai, when we login the GST portal to file the GSTR-1 you may feature many tables and columns to get filled, but actually based on the nature of business and the frequency of supply towards the month decide the tables to be filled upon. There is so many updated software used by professional GST registration in Chennai to make your work and life easier.
1.GSTIN and Turnover details.
The GSTIN number is the first step in any filing, based on this GSTIN it may auto fill maximum details of the business and the taxpayers. You have to enter the preceding financial turnover and the aggregate quarterly turnover from April to June 2020
2. Outward supply in detail.
The sales details may be both inter and intra state along with the rate, taxable value and amount. Supplies attracting tax on reverse charges made should also to be captured. Business transaction done with the e-commerce traders should also be updated along with the operator wise and rate wise, very importantly we should update the GSTIN of e-commerce operator.
3. Inter-state supply
The external inter-state supply to unregistered individuals where there invoice value is more than Rs. 2.5 lakhs then you need to enter the invoice details, rate, taxable value, amount by entering first columns other than the supplies made through e-commerce operator and below again in second column you need to enter the supplies made through e-commerce operators attracting TCS.
4. Zero valued supplies and estimated exports
The shipping details may be entered into 3 different options as the normal exports outside India, duty-free supplies made to SEZ unit or SEZ developer, and the deemed export details. This may include the number of items, date of shipping, the value of goods, shipping bill number, and integrated tax amount.
5. Debit and Credit notes
Under this taxable option you have to fill in the details of net debit and credit note supplied to unregistered persons.
- Intra-state supplies – consolidated rate wise outward supplies which include the supply made through e-commerce operator, the value of supply made along with operator wise and rate wise.
- Inter-state supplies – when the invoice value is up to Rs.2.5lakhs you need to capture the place of supply in which state, whether the supply made through e-commerce operator then needs to fill the GSTIN of the operator.
6. Nil and Non-GST supplies of inter and intra state
This table is divided into 4 rows as Inter-state supplies to registered persons, Intra-state supplies to registered persons, Inter-state supplies to unregistered persons, and Intra-state supplies to unregistered persons where the nil rated supplies exempted details other than nil rated and non-GST supply and Non-GST supply details need to be filled by the taxpayer.
7. Corrections and refund
Mistakes may happen while filing the GST or you may not declared the date or bill number due to non-availability, this can the entered in this option to rectify with the original debit note, credit note and refund voucher
8. Advance received and adjusted
All business transactions have an advance payment to confirm their supply. So this has to been captured under the invoice if the advance received in the previous month for this month transaction. The advance received and adjusted in the same month not required to be captured under the category.
9. HSN & UQC
The HSN code is optional for taxpayers who have annual turnover up to Rs 1.5 crore conversely description of goods is compulsory. The Unit quantity code is approved only with the unit of measure in the portal. Consequently the quantity details need to be furnished Inspite of many unit of measures maintained.
So finally after completing all the tables now the documents details need to be entered during the time of return and also you need to capture the number details of the document, cancelled invoices.
- Invoices for outward supply
- Invoices for inward supply from unregistered person
- Revised invoice
- Debit & Credit note
- Receipt voucher
- Payment voucher
- Refund voucher
- Delivery challan
As a final point, essential details to be captured in GSTR-1 are moreover invoice-wise, rate-wise, or state-wise details of external supplies made throughout the month. Through this content, you must have got some vision about the extent of data one has to provide in filing GSTR-1, and also would have restrained the effort and time required in doing so. In few cases or for some reason, if the returns are not filed on time, it will have an impression on the creditability of your professional. Consequently, it may also wave your clienteles since ITC depends on supplier acquiescence. You may also hire a GST specialist for GST registration to increase the worth of our business.
