Things to remember while you file GSTR-1
What is GSTR-1?
GSTR-1 is a document which every registered tax payer with a turnover greater than INR 20 lakh has to upload to complete GST return filing process. It consists of details on every sales and services transaction made by the tax payer during a month.
When do you have to file GSTR-1?
GSTR 1 return should be filed on or before the 10th of each month.
• GSTR 1 for July 2017– September 5th
• GSTR 1 for August 2017- September 20th
Why is it important?
If a taxpayer fails to file GSTR 1 return on or before the due date, a penalty of Rs.100/day will be applicable upto a maximum of Rs.5000/day.
Checklist of things you need to keep handy before you file GSTR-1
• Keep your GSTIN number handy ( A 15-digit PAN based number)
• Valid digital signature certificate (Obligatory for: companies, LLPs (Limited Liability Partnerships) and FLLPs (Foreign Limited Liability Partnerships)
• Other suppliers, i.e. Proprietors, partnership concerns, HUF, etc. could use the option to “E-sign” the form with a valid Aadhar card Number
• Details of aggregate turnover in the preceding year
• Digital invoices of all the transactions which include intra-state as well as inter-state transactions and business to business as well as retail sales, exclude Zero rated supplies and Deemed Exports
Most important things to keep a check on while filing GSTR-1 for sales
• Enter the correct month for which the return is filed
• Incorrect GSTIN
• Incorrect HSN codes
• Charging correct tax rates
• Mentioning the right sale type, i.e. SGST, CGST and IGST
• Duplicate entries of the same tax invoice
How can right billing software help you with easy GSTR-1 filing?
uGST Billing Software is software made by tax experts to help CA’s and Tax Preparers to manage their clients data efficiently. We bring following advantages for your client’s business:-
• Easy data management: Having a digital entry of every transaction helps you in managing, easy verification and quickly validate all the transactions
• Avoiding manual errors: HSN lookup feature would enable you to configure right HSN code against each product and also determine the right tax based on supply and destination of goods
• Easy transactions invoicing: Data will be GST compliant and hence the invoices would be as per GST Invoice format
• Accuracy of data: With the HSN lookup and configured Tax accordingly, data errors are minimized
• Easy Reconciliation: The data errors are minimized with right HSN codes and Tax rates. Also each transaction is recorded in digital format thus reconciliation is much easier
• Quick E-filing of returns: We also offer a solution known as enComply to manage your GST return filing online in GSTN portal- https://www.encomply.com/
Hence, choosing a right company to partner with for your taxation requirements is most critical for easy GST transition.
Know more about Udyog Software (Tax Experts your business needs)- http://www.udyogsoftware.com/