Whot Data Show In Box 5 Of Gst Return In Myob
Disclaimer: This article is sourced fromWithout further ado, let us begin with the steps to file GSTR 3B. GSTR 3B is a basic summary return that will have to be filed for the months of July and August.Following are the steps to be followed for the filing of the GSTR 3B:Step 1: Visit the URL.Step 2: Click on Login. Login with your credentials.Step 3: Click Services Returns Returns DashboardStep 4: The return filing page will be displayed. Select the Financial Year & Return Filing Period (Month) for which you want to file the return from the drop-down list and click on the Search button.Step 5: The return page is displayed, wherein GSTR 1, GSTR 2 and GSTR 3 are present.
In the GSTR3B box, click the PREPARE ONLINE button.Step 6: On clicking, GSTR 3B monthly return filing page is displayed.Step 7: There are separate blocks on that page. Choose the relevant block and click on them to feed in the details:(Block 3.1) Tax on outward and reverse charge inward supplies(i) Click on the Tax on outward and reverse charge inward supplies block. Enter the total taxable value, Integrated Tax, Central Tax, State/UT Tax and Cess under respective nature of supplies column.
Let's use an example: Customer invoice was $1000 Customer pays $1500 1 Create another invoice for $500 to the client (Optional - you can post to a new sales account or clearing account eg 4.9000 Over-Payments, with GST as applicable, then it will stand out if not dealt with until later) 2 Apply Customer Payment. From time to time, you may realise that you have made a mistake on a previous activity statement. You may have found extra receipts or purchase invoices or you may have forgotten about a sales invoice that you raised in the previous period. In this example, your GST Return shows that you have collected $2,500 in GST and paid $1,000 in GST. This means you need to pay Inland Revenue $1,500 in GST. Your journal entry will look like this: Example journal entry - if Inland Revenue owes you. In this example, your GST Return shows that you have paid $2,500 in GST and collected $1,000 in GST.
Disclaimer: This article is sourced fromWithout further ado, let us begin with the steps to file GSTR 3B. GSTR 3B is a basic summary return that will have to be filed for the months of July and August.Following are the steps to be followed for the filing of the GSTR 3B:Step 1: Visit the URL.Step 2: Click on Login. Login with your credentials.Step 3: Click Services Returns Returns DashboardStep 4: The return filing page will be displayed. Select the Financial Year & Return Filing Period (Month) for which you want to file the return from the drop-down list and click on the Search button.Step 5: The return page is displayed, wherein GSTR 1, GSTR 2 and GSTR 3 are present. In the GSTR3B box, click the PREPARE ONLINE button.Step 6: On clicking, GSTR 3B monthly return filing page is displayed.Step 7: There are separate blocks on that page. Choose the relevant block and click on them to feed in the details:(Block 3.1) Tax on outward and reverse charge inward supplies(i) Click on the Tax on outward and reverse charge inward supplies block. Enter the total taxable value, Integrated Tax, Central Tax, State/UT Tax and Cess under respective nature of supplies column.
GST has rolled out and paved the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions.To achieve this, the government has come up with an effective form-based reporting system that needs to be filed either monthly, quarterly or yearly, as the case may be, by the dealers and manufacturers. The aggregation of information uploaded by all the dealers will lead to a common reservoir of data, which can be accessed by either.
Moreover, dealers can view their credit statement or payables with respect to GST easily in a common internet portal.What Is GSTR-1?It all starts with GSTR-1. It is where the suppliers will report their outward supplies during the reporting month. As such, all registered taxable persons are required to file GSTR-1 by the 10th of the following month.
It is the first or the starting point for passing input tax credits to the dealers.Who needs to file GSTR-1?GSTR-1 has to be filed by “all” taxable registered persons under GST. However, there are certain dealers who are not required to file GSTR-1, instead, are required to file other different GST returns as the case may be. These dealers are E-Commerce Operators, Input Service Distributors, dealers registered under the, Non-Resident dealers and Tax deductors. It has to be filed even in cases where there is no business conducted during the reporting month.What needs to be filled in GSTR-1?GSTR-1 has 13 different heads that need to be filled in. The major ones are enlisted here:.
GSTIN of the taxable person filing the return – Auto-populated result. Name of the taxable person – Auto-populated field. Total Turnover in Last Financial Year – This is a one-time action and has to be filled once.
Whot Data Show In Box 5 Of Gst Return In Myob 1
This field will be auto-populated with the closing balance of the last year. The Period for which the return is being filed – Month & Year is available as a drop down for selection.
Details of Taxable outward supplies made to registered persons – CGST and SGST shall be filled in case of intra-state movement whereas IGST shall be filled only in the case of inter-state movement. Details of exempted sales or sales at nil rate of tax shall also be mentioned here.
Details of Outward Supplies made to end customer, where the value exceeds Rs. 2.5 lakhs – Other than mentioned, all such supplies are optional in nature. The total of all outward supplies made to end consumers, where the value does not exceed Rs. 1) What is the checklist before filing Form GSTR-1?The first and foremost requirement is having a valid Goods and Services Tax Identification Number (GSTIN). The supplier will be notified with a User ID and Password that will enable the user to file returns.
Next, the supplier will be required to have a valid digital signature certificate (DSC). This DSC is obligatory for companies, LLPs (Limited Liability Partnerships) and FLLPs (Foreign Limited Liability Partnerships). Other suppliers, i.e. Proprietors, partnership concerns, HUF, etc. Have the option to “E-sign” the form. In that case, a valid Aadhar Card Number is required. An OTP for verification shall be sent across on the registered mobile number as mentioned in the Aadhar Card.2) How shall I file GSTR-1?After going through the checklist, suppliers need to log in to the GSTN portal with the given User ID and password, follow these steps to file their returns successfully.
Whot Data Show In Box 5 Of Gst Return In Myob 2
Search for “Services” and then click on Returns, followed by Returns Dashboard. In the dashboard, the dealer has to enter the financial year and the month for which the return needs to be filed.