GST Returns – Important Points
- Presently, every registered person needs to furnish atleast GSTR1 and GSTR3B return/statement/s
- Return/statement/s can be prepared through online or offline mode
- Return/statement/s to be filed even if there is no business activity during the relevant period i.e. nil statement/return/s
- Error or omission may be rectified in subsequent return/statement/s but revision of return/statement/s is not allowed
- In GSTR 1
- B2B transactions to be reported on invoice level – GSTIN, invoice no., invoice date, invoice value, rate of tax, taxable value, amount of tax and place of supply
- B2C transactions to be reported invoice wise only for inter-state transactions having invoice value above INR 2.5 lacs
- HSN codes to be reported for Goods and Services
- Separate Tables for Debit / Credit Notes / Input Service Distributor Credit / TDS etc.
- Common e-Return for CGST, SGST/ UTGST and IGST
- Shall not be allowed to furnish a return/statement/s for a tax period if the return/statement/s for any of the previous tax period has not been furnished by him