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Find the Solution of Your Query from The Frequently Asked Questions Beneath.

It is an indirect tax which is imposed on the sale of goods and services. All other major taxes such as VAT, Service tax and etc are merged into one tax i.e GST.

Yes, it is necessary, even if there is no business activity.

It can be prepared through GST portal, using offline tools and via using third party software like ASPs and GSPs and etc.

Following are prerequisites of GSTR 1:

  1. Logging details and GSTIN.
  2. Availability of DSC 9 (if mandatory)
  3. Valid Aadhar Number, mobile number, and e-mail address. (if the taxpayer wants to sign-in electronically)
  4. EVC in case of a valid mobile number and mail id.

It contains the details related to inward supplies of goods and services rate wise as reported by a supplier in GSTR 1. Maximum details are auto-filled by other party return.

If good or services have not received then the taxpayer has the authority to keep the transaction in pending for action like accept, modify or reject.

Basically, GSTR 1 consists of outward supplies – generally called sales. The major essentials of GSTR 1 are as follows:

  1. GSTIN, Business Name, tax period and the financial year.
  2. GSTIN of recipient, invoice number, place of supply and other B2B details.
  3. Information about the place of supply, invoice number, supply tax and other B2CL details.
  4. Details on rate, tax and etc. related to B2CS.
  5. The debit notes as well as the credit notes issued for registered persons and unregistered persons.
  6. Necessary and required details about export.
  7. The gross advance details along with the adjustment details.
  8. The details about non-GST goods, nil-rated goods, details on exempted goods and etc.

First, understand in brief about GSTR 2. It is a document that includes all the details of inward supplies of goods and services (mainly called purchase) by the taxpayer.

Following are the details of GSTR 2:

  1. It includes all the details related to purchase from a registered person.
  2. It should also include the purchase details which is taxable as per reverse charge.
  3. The list of goods which are imported from overseas or from SEZ on entry.
  4. It also includes the details of the inward supplies from a taxable person. It should be accompanied by Nil rated or Non-GST supply list which is received either from other state or from within a state.
  5. It also includes integrated statement of paid or adjusted receipt of supply such as ISD credit received, TDS/TCS credit received and etc.
  6. Other details such as HSN summary related to goods and services and input tax credits that are just to name a few.

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