Table of Contents
Change to GSTR 1 and GSTR Filling Process
GSTR 1 is a monthly return form for regular taxpayers who have a yearly turnover of more than 1.5 crores and must provide information of outward supply on the 11th of the next month. Taxpayers with income under 1.5 crores will be required to submit quarterly returns.
We'll look at how to fill out the GSTR-1 form, as per the rules and regulations, every registered taxpayer is required to submit comprehensive data of sales, i.e. outward supplies, on the GSTR-1 form. Regular taxpayers must file their GSTR-1 form within 11 days of the end of the preceding month. To assist taxpayers and small enterprises, the government has also produced a filing guidance GSTR 1 return form in PDF format.
The Central Board of Indirect Taxes and Customs has informed taxpayers of future changes to Table 12 of the GSTR-1 Return via its official Twitter handle. Changes to the format and number of digits of the HSN Code are among them. The modifications to the HSN Code, which were first announced at the 42nd GST Council Meeting, will take effect on April 1, 2021.
1. Changes in format of GSTR-1 Return
2. Changes in number of digit of HSN Code to be reported
With effect from 1-04.2022 onwards, it is compulsory to file report a minimum four digit or Six digits of HSN Code in Table-12 of GSTR-1 return on the basis of Aggregate Turnover on Permanent Account Number in the last FY, as following :
In case Aggregate Turnover Upto INR 5 Cr
- Minimum at least four digit reporting of HSN Code
- Compulsory reporting of all B2B supplies & exports (includes Deemed Exports and supplies made to SEZ units & developers)
- By choosing Reporting of HSN Code for all B2C supplies
In case Aggregate Turnover more than INR Five Cr
- Minimum 6 digit reporting of HSN Code
- Compulsory Reporting of all supplies, including exports (includes Deemed Exports and supplies made to SEZ units & developers)
Modification/Change to GSTR 1 & GSTR Filling Process:
To improve the return filing procedure under GSTR -1 Return, the said change have been made to form GSTR 1 as mention Below :
1. Submit button is removed before filling: The current 'Submit' and 'File' buttons are replaced with a single-step filing process.
2. GSTR-1 Consolidated Summary: A table-by-table summary of the records put in GSTR-1.
3. Recipient wise Summary: total supply value and total tax for each recipient
4. New GSTR Filling Procedure: The existing steps for filing GSTR-1 will be replaced with the steps below.
- To generate a summary, click the 'Generate Summary' button.
- To view the final summary, click the 'Proceed to File/Summary' button.
- To file GSTR-1/IFF, click the 'File Statement' option.
With Rajput Jain & Associates, filing online GST Returns is simple, easy, affordable, and quick! Rajput Jain & Associates not only assists you with GST returns but also with filing your income tax returns, TDS returns, Accounting & other registration and its compliance .
To learn more about the GST Return filing process, contact Rajput Jain & Associates. Find out when to file a GST return by contacting a GST return filing service provider for an online GST return. For a consultation, contact our compliance manager at 09555 555 480 or singh@carajput.com.