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It’s October – Time to Get Ready for your First GST Return

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First of all, let’s welcome the GST Month. But why GST Month? After hectic ITR month for audited businesses its time when most of the businesses will file their first GST return. Earlier, 6 Returns needed to be filled with the GSTN portal from 1st September till 30th September. But as we all know the portal had severe issues, the date of GST return was extended to October 10.

Let’s Start with GSTR 1. So, what is GSTR 1?

GSTR 1 is for giving the details of the outward supply of a business. This is basically the details of the sales. It is due on the 10th of every month but for initial GST return this date has been changed. Like the GSTR 1 for the month of July 2017 the date is 10th October 2017.

Who is needed to file GSTR 1?

GSTR1 needed to be filled by all normal registered persons under GST regime.

What about Composite Assesses?

Composition Assesses do not need to file GSTR 1. They have to file a quarterly GST return in Form GSTR-4 by the 1st of the month after the end of the quarter.

What to do in case there is some error in filing GSTR 1?
As of now, there is no provision because in GST regime the returns are built from details of individual transactions.

So there is no way to revise?
Actually no, any need to revise a return will arise due to the changes in invoices or debit/ credit notes. Instead of revising the GST return already submitted, the system will allow changing the details of those transactions (invoices or debit/credit notes) that are required to be amended. They can be amended in any of the future GSTR- 1 in the tables specifically provided for the purposes of amending previously declared details.

How can one file their GST returns?

Person have various modes to file the statements and returns. Firstly, they can file their statement and GST return directly on the GST Portal online. However, this may be tedious and time taking for assessee depending on number of invoices.

It is advisable to use accounting software’s which have facilities for filling of GST returns directly from the Accounting systems such as ours (NAAPBOOKS) through a direct link on the GST Portal.

What all should a diligent Assesses ensure for a hassle free compliance under GST?

One of the most important things under GST will be timely uploading of the details of outward supplies.It should be done according to the format given in Form GSTR-1. The second thing would be to ensure that Assesses follow up on uploading the invoices of their inward supplies by their suppliers. This would be helpful in ensuring that the input tax credit is available without any hassle and delay.

The system would allow recipients to see if their suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of an assessee, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. Assesses should make efficient use of this ecosystem for easy and hassle-free compliance of GST return.

What is the consequence of not filing the return within the prescribed date?
The Registered taxable person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand for each laws which are applicable (CGST,IGST,SGST) to the Assessee.

 

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