We all know that every GST registered person have to submit their sale data quarterly or monthly depend upon their turnover and after filling the GSTR-3b should be file monthly in which you have to send the data of you purchase and sale both so that you can pay the tax on your profit or get the ITC from the government. Now government has published a new system into GST as the users are getting message related to this new system that’s why we all need to understand about this to avoid the trouble. Invoice furnishing facility has published for the users who file their GSTR 1 especially for those who submit their GSTR1 quarterly. With the help of this invoice furnishing facility the users can choose to upload their data on monthly basis.
You all must have wondering that what could be the reason to publish this new facility. So the government has a plan to track the entire sale of every registered person. Whose annual turnover is less than 1.5crore . This is the plus point for the every purchaser as when the taxpayer purchases any goods from the small taxpayer during the quarter, the purchasers have to wait till the end of the quarter and after that only the taxpayers can get the input tax credit. But now the taxpayers can get the ITC at the monthly basis. But its still optional the taxpayers whether they want to opt that or not.
We need to keep all the points using the invoice furnishing facility.
- We can use only two month of the single quarter.
- If we want to upload the Quarter’s last month invoices then we can upload it while filling the GST return
- If you have already uploaded the invoice in the prior two months then not required to upload the same in GSTR 1.
- The invoice value of per month is restricted to upload is 50 lakh.
- The details of the uploaded invoices will be reflecting in the GSTR-2A, GSTR-2B, GSTR-4A or GSTR-6A of the buyers.
- You can start using this invoice furnishing facility from 01/01/2021.
- You need to submit B2B sale invoices of both inter-state and intra-state
- All the credit and debit note of the B2B invoices of the month.
There are the lots of advantages if you opt the invoice furnishing facility. These followings are the brief information about the entire advantages related to IFF.
- The buyer can claim the input tax credit at monthly basis if they buy the thing from small tax payers
- The taxpayer can enhance their business by proving the input tax credit to their buyers.
- Get the work load easiest by uploading the invoices at the last day.
- As we you can file the return monthly that’s why you can get the reconciliation at the monthly basis. So that you can ease you work.