The government has been trying to simplify the GST law ever since its inception in 2017. There have been several changes that the indirect taxation system went through and it also saw multiple additions like e-way bill and e-invoicing to its radar.
Form GSTR 1 is one such return that needs to be filed by every registered taxpayer barring a few exceptions on a monthly or quarterly basis as per their turnover. The latest update that we at IRIS GST have received is that the GSTR 1 filing process may go through some significant changes. Let us discuss the upcoming changes in detail here…
The GSTR 1 changes are majorly to address the inconvenience taxpayers face during GSTR 1 summary preparation on the GST system. Up until now, once invoices were saved at the GST system, the GSTR 1 summary was created automatically in the GST system. On the IRIS platform, this summary was shown in a comparative manner after it is generated.
As per the new process, the summary generation on the GST system needs to be initiated by the taxpayer and will not be auto generated after the ‘save process’ is completed. In tune with this change in the GST system, we plan to update our GSTR 1 filing process which is as follows:
Let us understand the steps in detail:
- Upload, Create GSTR 1 and Save – The first step will see no change.
- New option – Generate GSTN Summary will be available. This option will be activated when saving data to the GSTN request is complete.
- Summary generation on the GST system could be instantaneous or take some time, depending on the load on the GST system. Once you have initiated the summary to be generated, the IRIS system will check the status with GSTN and show you the message accordingly on UI. If a message is like “Summary Generation is in Progress” appears on the screen then after some time the user again needs to click on “Generate GSTN Summary” button so that the summary will finally get updated and you can see GSTN summary values on UI.
- Comparative IRIS and GSTN summary will be shown as usual.
- We are updating the SUBMIT checklist. This will ensure you have generated and the fetched latest summary before proceeding to file.
With these changes in process, you will have better control over your GSTR 1 preparation. You can decide when all the invoices are saved properly and then proceed with summary generation.
If you have any concerns and doubts, please feel free to reach out to our support team at firstname.lastname@example.org
– Prakash Kinage, Indirect Taxation Head, Forbes Marshall Group
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