Advisory 630 dated 9 April 2024: Auto-Populating HSN-wise Data from e-Invoices
Auto-Populating HSN-wise Data: In a recent development, the Goods and Services Tax Network (GSTN), vide its advisory no.630 dated 9 April 2024, informed about introduction of a new functionality to auto-populating HSN-wise summary from e-Invoice to Table-12 of GSTR-1.
GSTR-1 is a crucial return form under the GST regime, focusing on outward supplies of goods and services. Table 12 within the GSTR-1 formulates detailed data related to the HSN code-wise supplies, offering a granular view of your business transactions.
Auto-Populating HSN-wise Data from e-Invoices
Now, with the newly introduced functionality on the GST portal, businesses can enjoy the convenience of seamless data transfer. This innovative feature automatically drafts HSN-wise summary data from e-Invoices into Table 12 of GSTR-1. This not only saves valuable time but also ensures accuracy and efficiency in tax reporting.
Streamlining Your Tax Filing Process
Gone are the days of manual data entry and the possibility of human errors. The auto-population of HSN-wise summaries from e-Invoices into Table 12 empowers taxpayers with a simplified, error-free tax filing experience.
Important Note:
While the auto-populating data in Table 12 offers convenience, it is crucial to exercise due diligence. Before the final submission of your GSTR-1, it is advised to thoroughly reconcile this data with your internal records. Any discrepancies or errors detected should be manually corrected or added to Table 12.
Final Thoughts
The introduction of this new feature by GSTN marks a significant step towards enhancing ease of doing business in the GST ecosystem. Businesses can now leverage technology to streamline their compliance processes, reduce manual efforts, and ensure accurate reporting.
In conclusion, the auto-populating of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1 promises to be a boon for taxpayers, simplifying the intricate task of tax filing. Embrace this innovative functionality on the GST portal to experience a seamless, error-free tax reporting journey.
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