As registered taxpayers, entities need to file various returns based on their nature of
The full rollout of GST return filing process was deferred on account of technical reasons and lack of adequate preparedness in the market. As decided in the previous GST Council meeting, the return process will be simplified and more information can be expected in the upcoming GST Council meeting which will be held on 19th July 2018.
GSTR 1, GSTR 3B, GSTR 4 and GSTR 6 are the returns which cover the majority taxpayers including regular taxpayers, composition dealers and Input Service Distributors. There are some more returns for other taxpayers and specific scenarios.
While all the returns are not implemented, within the returns are active, the details are interlinked. Let us understand in detail the interplay between the information filed by various taxpayers considering
The filing due date for GSTR 6 has been further extended to 31st July 2018 and the return for the period from July 2017 to June 2018 can be filed by July 31. As a result, some of your counterparties (who are registered as ISDs) could upload additional invoices for any of the previous periods. In this scenario, while filing GSTR 1, you will find additional invoices which you need to consider.
- Your counterparty, who is an ISD, is filing GSTR 6 for July 2017. In the return, Inv-001 is included with your GSTIN.
- You have already filed your GSTR 1 for July 2017 and Inv-001 was not included as in B2B category
- You are now filing GSTR 1 for June 2018. Inv-001 will be available to you as an additional invoice uploaded by the recipient
Apart from additional invoices, if any invoices are rejected by your counterparty, such invoices will be made available for further actions from your side.
Before filing your GSTR 1, you need to first check if there are any invoices which require action. Once you get the list of such invoice, you can
Accept invoices - This implies that you have accepted the additional invoices or accepted the rejection done by your counterparty
Reject invoices - This implies that you have rejected the additional invoices or rejected the rejection done by your counterparty
The GSTR 1 return can be submitted and filed only if some action is taken on all the actionable invoices.
It should be noted that the actual tax liability and payment, at present, is completely determined by information filed in GSTR 3B. And the result of these actions will not be reflected be automatically in the already submitted data. Once the full return filing process is enabled and computation of tax liability is done by the GST system, then the actions taken by you will impact the tax liability computation.
You can check out here how the actionable invoices can be managed in IRIS Sapphire, our integrated offering for GST compliance.
IRIS is one of the leading GSPs. Our GST compliance solution, IRIS Sapphire, is designed to make your return preparation and filing process easy and efficient. For further details please write to firstname.lastname@example.org or visit our site IRIS GST.