The new return system is expected to be introduced, mandatorily, onto the current GST Returns system of India in the month of October, 2019.
GSTR-1 is a monthly or quarterly return (based on taxpayer’s annual turnover) that should be filed by every registered dealer. The due date for GSTR-1 is based on the taxpayer’s annual turnover.
Every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN.
The ability to claim ITC on your purchases, has made the reconciliation of your purchase data with your suppliers’ data extremely crucial.
