In this article, we discuss about GSTR1 in details.
GSTR1 is most important topic in Tally. GSTR-1 is a monthly statement of supply (sales) of all general and incidental goods and services or both by registered taxpayers and includes details of outward supplies of goods and services.
GSTR-1 is a monthly/quarterly return that summarizes all sales of a taxpayer.
Taxpayers have to enter details related to their sales and outward supplies in the GSTR 1 sales return.
If a business is registered under GST, then the sales in its business are required to be
filed by every GST registered person in the form of a sales return in the form of GSTR-1.
Every person registered in GST is required to file GSTR-1. Irrespective of whether any transactions have taken place during this period or not.
Taxpayer under composition scheme, non resident taxable person, online information database and access retrieval service provider, input service distributors, taxpayer liable to deduct TDS, Ecommerce operator who collect TCS are not required to file GSTR1.
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