GSTN: EASE OF SUBMITTING GSTR-1 IN GST PORTAL
What is GSTR-1?
GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e. sales
What are the basic details?
- Legal Name & Trade Name
- Aggregate Turnover in previous year
- Tax Period
- HSN-wise summary of Outward supplies
- Details of documents issued
- Advances received/advances adjusted
Details of Outward Supplies:
- Zero rated & Deemed exports
- Amendments for prior period
- Nil Rated/Exempted/Non GST
- Debit/Credit notes issued
The Goods and Services Tax Network (GSTN) has made the process of submitting GSTR-1 simplest in the GST portal.
Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.
As per the GSTN, “submit” button has been replaced with “proceed to file/ summary”
Now you don’t required to generate GSTR-1 summary and then submit it before filing. You just have to click on “proceed to file/ summary button” and the return will be ready for filing. This is a good step to boost ease of compliance.