The concept of submitting GSTR 1 can be understood in the context of Goods and Service Tax compliance. As we all know, the recently imposed tax structure requires monthly return filing, making each month a taxable period for the preparation and submission of a set of GSTR 1, GSTR 2, and GSTR 3B returns. Each of them must be filed in order for the registered taxpayer to declare the transactions he or she conducted during the taxable period to the government.
Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies that must be filed by all regular and casual registered taxpayers who make outward supplies of goods and services or both, and it provides information on those outward supplies.
Whether or whether there are any transactions during the period, every registered person is required to file GSTR-1. Nil returns for GSTR-1 can be filed by SMS.
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How GSTR 1 effects GSTR 2 filing: As previously stated, GSTR 1 serves as the base document from which the remainder of the returns are auto-populated. A notification of the same is issued to the buyer in the form of GSTR 2A as the supplier of goods or services submits details of invoices created by him towards the buyer of goods or services. Once the buyer's end of the transaction is confirmed, the details of the transaction are auto-populated in the GSTR 2 at the supplier's end. Alternatively, if there is a difference, this information is recorded under GSTR 1A at the supplier's end for further adjustment or correction.
How To File GSTR 1? Once you migrate the invoice details to Tax HelpDesk’s One Solution in Excel or through synchronization with your pre-existing Accounting Software, you can easily go ahead with the filing of GSTR 1 with GSTN as the return is generated by the software itself. However, please keep the following points in mind before proceeding:
• Check the GSTIN code for the business if it has been entered correctly. • Ensure that correct HSN/SAC Codes have been entered in the invoices as well as in the returns. Check Product HSN or SAC code here at GST Rate Finder Tool. • Check Correct Tax Rate for goods or services. Verify the Tax Rates at GST Rate Finder Tool. • Check if the transaction was Intrastate or Interstate. These are some of the most common mistakes which can be made during Return Generation and Filing.
It is to be noted that once the GSTR 1 has been generated and filed, no modification can be made in the details. Any modification or omission is allowed only in the following month’s return. That is, rectification pertaining to return for the month of July can be made with the return for August. As the date for filing of GSTR 1 for the month of July is fast approaching, making GST compliance easier with Tax HelpDesk’s GST software, One Solution.