The Goods and Services Tax Network (GSTN) continuously strives to improve the user experience in the portal. Accordingly, it made a couple of updates related to GSTR-1 and the additional trade name.
6% tax rate section in GSTR-1
Recently, it added the 6% tax rate in the item details section to all the tables in GSTR-1, except for HSN table 12. So, from now on, you have to upload the details in the 6% tax rate section if you have 6% GST sales.
Also, the GSTN will add the 6% tax rate to the HSN table soon in GSTR-1. Meanwhile, you can report the 6% sales details under the 5% GST HSN section and update the values and tax amounts with the actual figures.
Inclusion of additional trade name
GSTN has added the new field “Additional Trade Name” under the same GST Identification Number (GSTIN). Now, it is easy to do businesses with different trade names under the same legal name.
Every GST return form contains two columns for trade name and legal name. Till now, only a single trade name is allowed under one GSTIN, and the taxpayer was unable to use two different trade names for the same GSTIN.
The taxpayer must obtain another registration in the same state with the same PAN if he wants to carry the business with two different trade names. This move will remove the need for additional GSTINs and reduce the compliance burden for taxpayers doing business with two different trade names with the same GSTIN.
For any clarifications/feedback on the topic, please contact the writer at firstname.lastname@example.org
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.