As registered taxpayers, elements need to file different returns based for their tendency of business and the kind of registration received. Returns filing under GST is frequently seen as a complex activity and one of the major reasons is the cross-referencing of the information filed by taxpayers in different returns.
The full rollout of GST return filing procedure was conceded by virtue of technical reasons and absence of insufficient preparedness in the market. As decided in the GST Council meeting, the return procedure will be rearranged and trial run according to the new streamlined return procedure will be accessible soon on GST Portal. The prototype of new streamlined return is also accessible on GST Portal.
According to the present process, GSTR 1, GSTR 3B, GSTR 4 and GSTR 6 are the returns which spread the majority taxpayers including standard taxpayers, composition vendors, and Input Service Distributors. There are some more returns for different taxpayers and explicit situations.
The interrelationship between GST returns
While all the returns are not executed, inside the returns that are active, the details are interlinked. Give us a chance to comprehend in detail the interchange between the information filed by different taxpayers considering
GSTR 1 – The monthly return (quarterly) containing the details of outward supplies made during the period. The outward supplies made to enrolled counterparties for example B2B sales are to be accounted for at invoice level while different categories, for example, intra-state sales to unregistered parties, nil, excluded, and so on are accounted for as aggregate values.
GSTR 6 – The monthly return for Input Service Distributors (ISD) comprising of B2B buys which stream from GSTR 1 of providers and distribution of ITC.
GSTR 3B – It is self-declaration by a taxpayer about tax liability happened and ITC claimed for the month.
What action needs to take in case you missed invoices while filing GSTR 1
In case you overlooked or missed to upload and save few of your invoices for GSTR 1 then it is critical to incorporate those invoices in GSTR 1. But, after submission of GSTR 1, it isn’t permitted to make changes in filed/submitted GSTR 1 just as there is no understanding of reconsidered GSTR 1 under GST return process.
So in such cases, the invoices which you missed up a in current GSTR 1, should be considered in your up and coming filing of GSTR 1.
It ought to be noted that the genuine tax liability and payment, at present, is totally decided by data recorded in GSTR 3B. So regardless of whether you missed some of your invoices in GSTR 1, still you can consider those invoices while filing your GSTR 3B.
And if while filing GSTR 3B also, you missed or excluded those liability related missed invoices then in your coming filing of GSTR 3B, you have to consider those missed invoices related liability too.
GSTR 1 and E-Way bill Reconciliation
One progressively significant thing to take care and do pro-action of checking your invoices getting considered for E-way bill generation and same getting considered for GSTR 1 or not. So to reduce the likelihood of invoices getting missed in GSTR 1 is possible by utilizing this IRIS Sapphire element for example “GSTR 1 EWB Recon”.
IRIS Sapphire gives you facility of doing the compromise between documents for which E-way bills created and information uploaded for GSTR 1. And gives results like Invoices missed in GSTR 1, Invoices missed in E-way generation and Invoices which got considered in both for example GSTR 1 and E-way bill generation.
Contact Certicom Consulting for more details.