Gyansagars

You cannot revise the GSTR 1 once filed. However, the month you realise there is an error, you can amend the error of the prior months in the GSTR 1 of the month in which you realise there is an error. For eg: If you have already filed GSTR 1 for Jan and you realise in March that there was an error in Jan - then in the GSTR 1 of March, there is an option to amend the GSTR1 of Jan. Amendments can be made in each invoice and details . Both type of amendments have there own limitations. These must be followed clearly to avoid any mistakes in filing GSTR 1. A. Which filing period to select?- Return filing period must be the period in which amendment is made. For example if amendment is made July and return filing period will be- July if he is required to file monthly returns September if he is required to file quarterly returns i.e. July- September. B. Invoice level Amendments- B2B Amendments B2C Large Amendments Credit/Debit Notes (Registered) Amendments Credi...

On 21st July, 2018, the 28th GST Council meeting was conducted to take major decisions pertaining to the existing GST model. A new changes took place, with respect to rate changes in goods, rate changes in services, and most importantly, the simplified GST return filing model, which has been under speculation for a long time. In this blog, we will take you through the major updates from 28th GST Council meeting, with regards to the GST rate changes of specific goods. Reduction in GST Rates – 28th GST Council Meeting- The 28th GST Council meeting saw a plethora of reductions in the GST rate, which are listed as follows: Reduction in GST Rates from 28% to 18%- As per the 28th GST Council recommendations, the rate of the following goods were reduced from 28% to 18%:     • Paints and varnishes, including enamels and lacquers     • Glazier’s putty, grafting putty, resin cements     • Refrigerators, freezers and other refrigerating or freezing...