The GST portal operated by the Government of India is where enterprises should submit their monthly, quarterly, and yearly returns. They also have to record taxes that were received and paid in addition to disclosing the purchases and sales of goods and services. So let me tell you what is first return in GST.
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You just need to include sales and sales return information in GSTR-1 returns. It incorporates all forms of sales and returns, including B2B and B2C transactions, export sales, excluded sales, and modifications to previously uploaded bills. The 11th of the following month is the deadline for you, a monthly taxpayer to submit GSTR-1. While the 13th of the following month is the deadline for quarterly taxpayers. Such as in GSTR-3B, the due date is not separate for each state. Now you know what the first return filed under GST is.
What information to include in GSTR 1?
1) Sales Between Businesses
You must submit each bill sent to a different company that has submitted a GSTIN. Every provided bill must have the following information like invoice number, date, GSTIN, invoice amount, and taxable value.
2) Total Revenue from B2C
You must declare sales total revenue along with IGST, CGST, and SGST, state-by-state and rate-by-rate. For instance, sales and tax must be treated separately for sales in Delhi at a rate of 18% and sales in Delhi at a rate of 12% as well as for other states or union territories. Information about individual invoices is not required.
3) Debit Note/Credit Note
You must input every provided debit note and credit note information separately.
4) Sales of Exporting
You must submit every export sales invoice's information.
5) Other Information
You must enter additional information including nil-rated sales, excluded sales, tax on advance payments, amendments to previous invoices, HSN/SAC summaries, and document information.
I think you might have understood what is first return is in the GST.
Read More: How to file TDS return in GST portal? How to file GST return step by step? What is the late for GST return? How to show debit note in GST return?
What is first return in GST?
Jaya
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2022-09-09T18:06:37+00:00 2022-09-09T18:06:38+00:00Comment
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