GSTR1 NEW UPDATE | GSTR-1 TABLE 12 HSN में हुआ बड़ा बदलाव | B2B AND B2C TABLE MANDATORY

Summary

This video provides an in-depth overview of the recent changes to the GST filing process, specifically the mandatory segregation of B2B and B2C supplies in the HSN table of GST returns, effective from May 2025. The video explains how to declare HSN codes, taxable values, and tax amounts for both B2B and B2C transactions. It highlights the new requirements for quantity codes and the importance of matching sales figures across various tables. The presenter also emphasizes the necessity of keeping track of serial numbers for all relevant documents under section 31. Lastly, the video invites viewers to subscribe for regular updates on GST changes.

Takeaways

• 😀 GST has introduced a mandatory segregation of B2B and B2C transactions in the GSTR-1 form starting from May 2025.
• 😀 The new HSN table in GSTR-1 will require taxpayers to classify their supplies as B2B and B2C and provide HSN codes accordingly.
• 😀 For B2B transactions, the HSN code, quantity, taxable value, and taxes must be accurately entered in the new format.
• 😀 In the B2C segment, taxpayers need to declare HSN codes and related data, including taxable values and tax amounts.
• 😀 The GSTR-1 portal will validate data between B2B and B2C entries and corresponding tables to ensure consistency and accuracy.
• 😀 Table 12 in GSTR-1 will include mandatory HSN codes and other related information for both B2B and B2C transactions.
• 😀 Table 13 is now mandatory, and filers must include serial numbers for all invoices, credit/debit notes, and other related documents.
• 😀 GST filers need to ensure that amounts from B2B and B2C tables match with the corresponding entries in Tables 4A, 4B, 6B, and 6C for B2B and 7, 9B for B2C.
• 😀 The system will check for consistency between B2B and B2C figures and related documents, including export invoices and credit/debit notes.
• 😀 Starting from May 2025, the entire GSTR-1 filing process will follow the updated utility and structure for more streamlined data entry and validation.

Q & A

What is the main update in the GSTR-1 filing process discussed in the video?

The main update is the mandatory segregation of B2B and B2C supplies in the HSN table of GSTR-1, which will be effective starting May 2025. This change requires separate data entries for each category of supply.

What is the deadline for filing GSTR-1 for May 2025?

The deadline for filing GSTR-1 for the tax period of May 2025 is June 11, 2025.

What specific information is required for B2B and B2C supplies under the new GSTR-1 update?

For both B2B and B2C supplies, businesses must enter the HSN code, quantity, taxable value, and tax amount for each transaction. Additionally, the segregation between B2B and B2C must be clearly defined.

How does the system validate the data entered in GSTR-1 for B2B and B2C supplies?

The system cross-verifies the data entered in the B2B and B2C supply tables with corresponding entries in Tables 4A, 4B, 6B, and 6C, ensuring that the declared values match the figures in the related tables.

What will happen if the data in the B2B and B2C tables does not match with the other tables?

If there is a mismatch, the system will flag the discrepancy and request adjustments, such as correcting export invoices or credit/debit notes to ensure the values are aligned.

What changes are made to Table 13 in the GSTR-1 filing process?

Table 13 has become mandatory. It requires the entry of details for various invoices, including those issued under reverse charge mechanisms, revised invoices, debit notes, and credit notes, along with their serial numbers.

How should businesses handle large B2C invoices according to the new filing rules?

For large B2C invoices, businesses need to enter the data at the invoice level, similar to B2B entries. These invoices will be validated against the overall B2C supply summary to ensure consistency.

What is the role of the HSN code in the updated GSTR-1 process?

The HSN code plays a key role in categorizing goods and services. In the updated GSTR-1, businesses are required to select and declare the correct HSN code for each B2B and B2C transaction, which helps with proper tax calculation and validation.

How should businesses ensure their records are compliant with the new GSTR-1 filing system?

Businesses should begin preparing their records by correctly segregating B2B and B2C supplies, accurately entering HSN codes, taxable values, and quantities, and ensuring all related data aligns with the updated GSTR-1 format before the May 2025 filing deadline.

Why is the segregation between B2B and B2C supplies being implemented in the GSTR-1 filing?

The segregation aims to streamline the verification process, allowing GST authorities to easily validate the data, check for discrepancies, and ensure more accurate tax calculations and compliance.