With GST filing around the corner, it becomes necessary for you to understand how to file your GSTR-1 return with simple steps using our state-of-the-art GST filing and reconciliation solution – XaTTaX.
What is GSTR-1 return?
GSTR-1 return needs to be filed by all individuals, who are registered under GST. The taxpayer needs to provide details of the outward returns (sales), upload and file the invoices with GSTN. The due date to file this return is 10th October 2017.
What do you need to report in your GSTR-1 return?
As outlined earlier, GSTR-1 is a sales return and every tax payer has to mandatorily report the following set of information in this return:
- Invoice summary that includes invoice types, credit notes and advance receipts
- Summary of documents issued
- Summary of HSN/SAC
- Details of the turnover, which should be provided only once.
Now, let’s understand the procedure for filing the GSTR-1 return using XaTTaX:
- Login to XaTTaX as an accountant.
- From the Home page, select the GSTIN that you want to access to direct you to the Dashboard.
Note: You can switch between different GSTINs from a single legal entity.
- In the Dashboard, you can view the analytics pertaining to various returns such as GSTR-1, GSTR-2, apart from other useful information such as list of activities, returns dates and XaTTaX updates.
- In the GSTR 1 – DATA IMPORT screen (appears when you click GSTR 1 -> Import in the left section), click Browse to choose the desired file and then click Import to import the GSTR-1 data in Tally or XaTTaX format (excel).
- Click Classify to classify the invoices into various categories such as B2B, B2C, etc and then click Submit for Approval.
The invoices get routed to the manager for approval.
- Once the manager approves the invoices, you can proceed to save, submit and file the GSTR-1 returns with GSTN.
This ends the process of filing the GSTR-1 return using XaTTaX, which is quite simple and ensures 100% security.