GST: GST taxpayers will now have the option to update their sales information in Form GSTR-1 before making their monthly or quarterly tax payment. Let us know about this facility and also understand what is GST and where to fill the GSTR 1 form
Decision taken in the meeting
During its meeting on Saturday, the GST Council proposed a new optional facility with Form GSTR-1A, which enables taxpayers to amend and add additional details in Form GSTR-1 for a particular tax period. Remember to submit GSTR-1A before filing your GSTR-3B return for that tax period. Abhishek Jain, partner and head of indirect tax at KPMG, said allowing amendments in the information given in GSTR-1 will help in correcting minor errors and omissions before paying tax.
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GST stands for Goods and Services Tax and it is basically a one-stop shop for all taxes in India. It is a tax system that covers everything from start to finish and applies to a wide variety of goods and services. Depending on what you are buying, you have to pay GST at different levels ranging from 0% to 28%. The system was fully implemented in 2017.
What is GSTR-1 form?
The GSTR-1 form is basically a monthly or quarterly statement that has to be submitted by all regular and occasional registered taxpayers. It contains details of the goods and services sold by them. Basically, anyone who sells goods or services, except for certain specific types of taxpayers, has to fill this form on the GST portal.
What is GSTR-1 form?
The GSTR-1 form is basically a monthly or quarterly statement that has to be submitted by all regular and occasional registered taxpayers. It contains details of the goods and services sold by them. Basically, anyone who sells goods or services, except for certain specific types of taxpayers, has to fill this form on the GST portal.
