How to File GST Return (Form GSTR-1) using Tally.ERP 9 Release 6 - Challenges with Manual Billing and Ways to Overcome it

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How to File GST Return (Form GSTR-1) using Tally.ERP 9 Release 6

The day when businesses across India will file the GSTR 1 for the first time is not too far (10th September, 2017). In this blog, we will discuss how to file Form GSTR-1 using GST-ready Tally.ERP 9 Release 6.
We are happy to announce that GST-ready Tally.ERP 9 Release 6.1 is available now. Using this release, you will be able to generate Form GSTR-1 as per the requirements of GST Department. To upgrade to the new release click here.

Topics covered

1. Introduction to Form GSTR-1
2. GST Practitioner files our returns, what should we do?
3. We take care of filing our own returns, how should we proceed?
4. We are GST Practitioners (CA, STP or accountants), how do we go about GSTR 1 filing?
5. From where can we get the offline utility for filing GSTR-1?

Introduction to Form GSTR-1

Form GSTR-1 is a form in which the business needs to provide the details of its outward supplies. Outward Supplies means all supplies consisting of sales to other businesses, sales to consumers, exports, advance receipts from customers, and so on.
There are multiple tables in the form, and in each table businesses have to furnish details in different styles, for example,
a) It is required for businesses to present “Sales done to other registered business (B2B Invoices)” bill-by-bill with details of the buyer.
b) Present “Sales done to consumers of small amounts (B2CS Invoices)” as a summary and not bill-by-bill.
c) Present “Sales done to consumers of large amounts (B2CL Invoices)” bill-by-bill with details of consumer.
In our earlier blog, we have tried to provide an overview of GSTR-1 and details required in it to ensure compliant filing. Click here to read it.

GST Practitioner will file our GST returns, what should we do?

We have observed that most businesses in India rely on their GST Practitioners to help them with their Tax Returns. Expectation is that it will continue to be the same for a while.
In such cases, your business will surely require help from both the GST Practitioners and the software you use, to provide you with all the relevant information, which will help you to file GST Returns and remain compliant.
You can do one of the following based on your style of working:
a) You can take a backup of your company data and share it with your GST Practitioner. Click here to know more about how to back up your data using GST-Ready Tally.ERP 9.
b) You can go to Form GSTR-1 report, make corrections/changes to vouchers that appear in Incomplete/Mismatch of information and export the same to Microsoft Excel Template, which can then be shared with your GST Practitioner. Click here for more details about generating Form GSTR-1 from Tally.ERP 9.

We take care of filing our own GST returns. How should we proceed?

There will be businesses that will want to file their GSTR-1, at the request of their GST Practitioners on their own. For such businesses, the GST-ready software that they are using, should allow them to generate GSTR-1.
GST-ready Tally.ERP 9 allows generate GSTR-1 from within the product itself. You may go to Form GSTR-1 report, apply corrections to vouchers that appear in Incomplete/Mismatch of information and export the same to MS Excel Template, which can then be validated using GSTN offline tool and uploaded to the GSTN portal. Watch this space for more details about generating Form GSTR-1 from Tally.ERP 9.

We are GST Practitioners (CA, STP or accountants). How do we go about GSTR-1 filing?

If you are a GST Practitioner. You may be digitising books for your clients using GST-ready Tally.ERP 9 and will file GST returns using that data itself. GST-ready Tally.ERP 9 allows generate GSTR-1 from within the product itself. You may go to Form GSTR-1 report, apply corrections to vouchers that appear in Incomplete/Mismatch of information and export the same to MS Excel Template, which can then validated using GSTN offline tool and uploaded to the GSTN portal. Click here for more details about generating Form GSTR-1 from Tally.ERP 9.
For the rest of your clients, you may receive data in following manner:
1) Data backup from GST-ready Tally.ERP 9.
2) GSTR-1 Excel Template as required by GSTN.
3) Data from any other software (not covered in this blog).
If you have received data backup from GST-ready Tally.ERP 9, then you can restore the backup and generate the GSTR-1 as discussed earlier. Click here to know more about how to restore backup.
With GST-Ready Tally.ERP 9, you can generate GSTR-1 from within the product. You can go to Form GSTR-1 report, apply corrections to vouchers that appear in Incomplete/ Mismatch of information and export the same to MS Excel Template. This can then be validated using the GSTN offline tool, and uploaded to the GSTN portal. Click here for more details about generating Form GSTR-1 from Tally.ERP 9.
Filing GSTR-1 using Tally.ERP 9 Release 6.1

Source :-  http://blogs.tallysolutions.com/file-gstr-1-using-tally-erp-9/

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Challenges with Manual Billing and Ways to Overcome it

Note: This blog is particularly meant for business owners who are still managing their bills manually, in spite of the fact that GST was rolled out in India on July 1, 2017. If you are a tax consultant and are reading this, we suggest you to share this blog with your clients who are yet to begin using a GST compliant software.

Contents

1.  Do you Still Record your Bills Manually in the GST Era?
2.  Transition to GST is Changing Business Processes
3.  Challenges to Consider While Filing Returns in GST
4.  Consequences of Incorrect or Delayed Filing
5.  Best Practices

Do you still record your bills manually in the GST era?

Two months have passed since GST was rolled out across India. As a business owner, you might be used to managing all your billing and business transactions manually in books. Subsequently, you might also be sharing the manual records with your tax consultant for filing returns. However, GST norms don’t encourage manual book keeping since it increases the scope of erroneous records.
In the previous years, when the tax consultant filed your returns, your involvement was not necessary. However, with the introduction of GST, the business behavior scenario has changed and your involvement now becomes necessary.

Transition to GST is changing business processes

As part of transitioning to GST and as a business owner, you are required to integrate your taxation practices with your unique business processes. Many business behaviors have changed or are in the process of changing and these impact the ways in which you conduct your business today. This means that the way in which you share business data with the tax consultant and how the consultant files the returns have changed too.
To understand the changes better, let us see what all is mandatorily needed from you for filing various returns.

1.   GSTR-3B: Summary level details are required and these should be derived from all the invoices that have been recorded so far.
2.   GSTR-1 – Accurate invoice level details are required and all invoices should be GST compliant before they are uploaded in the GSTN portal.
3.   GSTR-2 – Based on your inward supplies/ purchases, your suppliers will upload your purchases in the GSTN portal, after which they become visible in GSTR-2A. These details have to be matched with your purchase records at invoice level to finalize your respective GSTR-2.
4. GSTR-3 – Based on your GSTR-1 and GSTR-2, GSTR-3 gets generated. Subsequent to this, you are required to make payments based on your tax liability.

With all of the above mandatory information required to file returns, it is necessary for you to think through the following challenges which will be faced by your tax consultant and their impact on your business.

Challenges to consider while filing returns in GST

1.   As per GST, a registered business has to share invoice level details. How quickly can you share these details with your tax consultant?
2.   If you are sharing manual records, how will your tax consultant record each single transaction? In the earlier days, you had to submit only summary level details whereas in the current scenario you are required to share data of all the bills. How will you ensure accuracy, especially if you have plenty of bills?
3.  While recording your business transactions in the GSTN portal, your tax consultant might have to make changes in certain transactions. To ensure correctness, your consent is required before each of these changes are made in the portal. The scale of this effort might result in increased time and effort, delaying the timely filing of returns.
4.   How will you check the accuracy of all of the data which has been recorded by the tax consultant, before the tax returns are filed on your behalf? This is because in the GST regime, you cannot file revised returns which was possible earlier.

5.   To avoid paying interest and penalty, you have to file returns on time. How will you ensure that the correct returns are filed on time?

6.  There is a possibility that your customers might modify or make corrections in any of the bills while preparing for their tax returns. These changes have to be reflected in your respective bills as well. What if you have already shared all the data of the bills and the consultant has already filed the returns?

All the above challenges will lead to either delayed or incorrect filing. You might also end up spending unnecessary time and cumbersome effort to ensure correctness and compliance of data for filing returns.

Consequences of incorrect or delayed filing

Delayed filing leads to interest and penalty, while incorrect filing results in the non-availability of Input Tax Credit (ITC) to your customers.
Non-availability of ITC could lead to conflict with your customers. On the other hand, incorrect filling will lead to conflict with your suppliers.
The above non-compliances will affect your GST Compliance Rating. A low GST Compliance Rating gives negative perception about your business to your stakeholders. It could discourage other businesses from trading with you. You might also lose new customers since decision-makers typically refer these ratings before engaging in new business relationships.
In short, it is quite possible that your ‘peace of mind’ will affect due to non-compliance to the GST norms. There is a high probability of erroneous recording of data due to manual book keeping practices and hence rejection from the GSTN portal. You might have to file returns multiple times and end up wasting your time, in addition to that of the consultant. Meanwhile, you could miss the timelines.
As a business owner, what you need is a GST-compliant software. A software that not only helps you in preventing errors but also detects and corrects errors.

Best Practices

Here are some best practices you can follow in order to achieve hassle-free compliance in the GST era.

1.   Start recording all your invoices in the correct format by using a GST-compliant software immediately.
2.   Do share invoices and other transactional details with your tax consultant considerably ahead of the deadline if you still manually maintain data.
3.  Check with your tax consultant regarding the completeness and correctness of data for filing returns, best enabled by a software which can both detect and help correct errors as well.
4.   Work closely with your tax consultant to correct your data if required. Clarify any doubts that the consultant might have on priority.
5.   Retain a copy of the corrected data with you and ensure that it matches the data uploaded on the GSTN portal.

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