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How to Export GSTR-1 Section-wise using TallyPrime | Tally Prime Latest Release 1.1.3
In this video we will look at the process to export different sections in GSTR-1 to separate JSON files using TallyPrime. This gives you an opportunity to file GSTR-1 e-returns section-wise.
Invoice Furnishing Facility | IFF in GST | Tally Prime | IFF Facility in GST
Uploading to IFF for QRMP Dealers using Tally Prime Latest Release 1.1.3
Q. What is the Invoice Furnishing Facility?
Ans. The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their Business-to-business (B2B) invoices every month, currently under the QRMP scheme only. It is governed by Rule 59(2) of the CGST Rules, available to regular taxpayers having annual aggregate turnover of up to Rs.5 crore. One should keep the following points in mind before utilising the IFF:
The IFF is an optional facility. Non-usage will not attract any late fee.
The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only.
There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF.
The total value of invoices that can be uploaded per month is restricted to Rs.50 lakh.
The details submitted in IFF will be reflected in the GSTR-2A and GSTR-2B of the recipients.
The Invoice Furnishing Facility will come into effect from 01.01.2021 and the first cut-off date was 13th February 2021 for January 2021 (being the first month for the January-March 2021 quarter).
Invoice Furnishing Facility | IFF Facility in GST | Tally Prime
Lear How to Export GSTR-1 Section-wise using TallyPrime using Tally Prime Latest Release 1.1.3
Q. Advantages of using the Invoice Furnishing Facility
Ans. The following are the advantages of Invoice Furnishing Facility:
Any late upload of B2B invoices, beyond 13th of next month (cut-off date for a month) will never attract late fee unlike GSTR-1. However, the registered buyers may at the most lose the input tax credit for that month as it gets deferred to the next month.
IFF is optional and flexible. If it was chosen in the first month of a specific quarter, there is no rule that it must be chosen for the second month of the same quarter.
Buyers of goods from small taxpayers can claim ITC every month.
The B2B sales details uploaded on IFF will get reflected or auto-populated into the relevant quarterly GSTR-1, thereby removing the need to re-enter the details.
It pushes for a monthly reconciliation of data and that will ultimately make quarterly return filing easier.
Small taxpayers can improve their business by providing faster ITC claims.
Suppose the QRMP taxpayer has only submitted the B2B data on IFF by 13th of next month but forgotten to finish filing IFF for the month by 13th. He will still be allowed to file IFF after 13th, provided the data is already submitted on or before 13th of the next month.
Eases the compliance burden by reducing the volume of invoices to be uploaded at the end of the quarter.
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