Image Source: Shutterstock
In February 2022, the Goods and Services Tax (GST) portal announced the upcoming functionalities in the GSTR-1/Invoice Furnishing Facility (IFF). Now, the portal announced that they had completed the implementation of the earlier mentioned functionalities.
Once again, the GST portal reiterated that the department is striving for continuous enhancements and technological improvements in GSTR-1/IFF. The department completed the previous GSTR-1/IFF enhancements in November 2021. In that phase, the GST portal provided new features such as revamped dashboard, table-wise document count and improved B2B tables.
These initiatives led to a better summary generation process, quicker response time, and enhanced user experience. In continuation, the department completed the next phase of the GSTR-1/IFF improvements.
There’s no change in the navigation path for viewing GSTR-1/IFF, which is:
Return dashboard> Select the Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online.
The department implemented the below GSTR-1/IFF enhancements on the GST portal:
Removal of the ‘Submit’ button before filing: You don’t have to go through the two steps, ‘Submit’ and ‘File’, to complete the GSTR-1/IFF filing. The portal replaced both these steps with a single step .i.e, the ‘File Statement’ button. With this change, you can easily add or modify records till the final step of the return filing.
Consolidated summary: Now, you can see a table-wise consolidated summary before filing GSTR-1/IFF. This consolidated summary will help you provide a complete overview of the return with a detailed & table-wise summary of the records.
Recipient wise summary: With the new consolidated summary page, you can get a recipient-wise summary and the total value of the supplies & the total tax involved for each recipient. You can check out the following recipient-wise summary in GSTR-1/IFF:
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…