PHASE 1: Verify Suppliers and customers GSTIN
GSTIN number is an important part of the entire GST regime. Incorrect or missing GSTIN numbers may not only keep you from getting the due input tax-credit, it may also attract penalty.
In this phase, you need to update your GSTIN number to your suppliers and customers and ask them for theirs. After all, you do not want to be caught in a situation after 1st July where your supplier or customer has not yet registered with GST. The tax credit liability will then be yours. This is mandatory as you need to report this in your e-filing. GSTy automates this process of requesting customers and suppliers for their GSTIN and the needed data for GST filing.So, start now with Phase 1 on GSTy.in
PHASE 2: Upload Outward Invoices
In this Phase, you will need to upload your outward supply bills (GSTR-1) to GSTN. This phase is likely to start sometime soon depending on Govt. announcements.
We have released a simple excel sheet where you can import data from popular accounting softwares and ERPs, validate and later update to GSTN, through the government portal (or) a dedicated pipeline to the government portal.
This phase could be done on the web, or mobile using our solution.
PHASE 3: Reconcile and File Returns
Phase 3 deals with Inward Invoice (GSTR-2) confirmation and correction.
Hint: Your suppliers’ outward invoice (GSTR-1) will be your Inward invoice (GSTR-2). Once your supplier updates their GSTR-1 by 10th of the month, you will need to start this phase on 11th of the month.
You will need to check and confirm inward invoices. Changes (if any) to inward Invoices (reported by your supplier in their GSTR-1) will be done in this phase.
You then need to file your final return for the month in form of GSTR-3 by 20th of the month.
This phase could be done on the web, your smart phone or using our solution.