OVERVIEW OF GSTR-1 REPORT IN MARG BOOKS
PROCESS TO VIEW GSTR-1 REPORT IN MARG BOOKS
a. B2B Invoices: B2B (Business to Business) means if the user is a registered dealer and to whom the goods are being sold is also a registered dealer so all the Local and Inter-state transactions will come under B2B.
B2B Invoices is bifurcated in 2 parts:
b. B2C (Large) Invoices) & B2C (Small) Invoices: B2C means Business to Customers. If the user does Inter-state sale to consumer or registered party and if the transaction value is above 2.5 Lakhs.
So, it will come under B2C large invoice and if the transaction value is below 2.5 Lakhs then it will come under B2C small invoice.
**If the buyer is a registered party or a consumer and does sale within the state so whether the amount is above 2.5 Lakh or below 2.5 Lakh that will come under B2C small invoice only.
c. Credit/Debit Notes (Registered) & Credit/Debit Notes (Unregistered): It displays the Sale and Purchase Return which is been done to Registered or Unregistered party.
d. Export Invoices: It means whatever sale which is being done outside India, those transactions/invoices are shown here.
e. Tax Liability (Advances Received) & Adjustment of Advances: If an amount is been taken in advance from a particular party then the user needs to pay tax on that advance which is been taken. Along with it the user can do its adjustment entry only in the next month for the advance which is been taken from the party.
Suppose the user has taken advance amount in the month of July then its adjustment entry can be done in the month of August.
The advance amount which is been taken & tax levied on it will come under ‘Tax Liability’ and the adjustment amount of the advance will come under ‘Adjustment of Advances’.
f. Nil Rated Supplies: In this field the user can view the summary of those Sale Invoices which are being created at 0% tax.
g. Exempted Supplies: It means the Exempted Sales on which no tax is applicable then those will be shown under Exempted Supplies.
h. Non-GST Supplies: The products on which GST is not applicable then that amount will be shown under ‘Non-GST Supplies’.
i. HSN/SAC Summary: Here, the user can view HSN/SAC Summary.
The user can view the details of the selected bill.
The user can view that GSTR-1 IFF (Invoice Furnishing Facility) has been generated in an Excel format.