Returns Summary – GSTR-1 in TallyPrime: Explained in 6 Steps

Feb 21, 2024

—

by

The Returns Summary section in GSTR-1 of TallyPrime offers a concise overview of the details included in your GSTR-1 draft return.

It’s a quick way to check key figures and ensure everything looks accurate before submitting your return to the GST portal.

Here’s a breakdown of what you’ll find in the Returns Summary:

Table of Contents

1. Return Period:

Displays the month/quarter selected for the GSTR-1 return.

2. Taxable Value:

Outward Supplies: This value represents the total taxable value of all your sales and exports during the selected period. It’s further broken down into:

Taxable Supplies (within State): Sales within your state attracting GST.
Taxable Supplies (Inter-State): Sales to other states attracting IGST.
Zero Rated Supplies: Tax-exempt sales within your state.
Nil Rated Supplies: Exports or supplies attracting no GST.
Exempt Supplies: Supplies not subject to GST.

Inward Supplies: This value represents the total taxable value of your purchases from unregistered dealers during the period.

3. Tax Amount:

Output Tax Liability: Total GST liability on your outward supplies, further broken down into:
- CGST: Central Goods and Services Tax.
- SGST/UTGST: State Goods and Services Tax/Union Territory Goods and Services Tax, depending on the destination of the supply.
- IGST: Integrated Goods and Services Tax on inter-state supplies.
Input Tax Credit: Total ITC claimed on your inward supplies, categorized as:
- CGST: Claimed credit for central tax portion.
- SGST/UTGST: Claimed credit for state/UT tax portion.
- IGST: Claimed credit for IGST on inter-state purchases.

4. Net Tax Liability:

This is the final tax liability calculated based on the formula:

Output Tax Liability - Input Tax Credit (ITC)

5. Late Fee (if applicable):

Displays any late filing fees if you haven’t filed your return on time.

6. Additional Information:

Depending on your specific transactions, you might see additional sections like:

HHSN Summary: Breakdown of taxable value and tax based on HSN/SAC codes.
E-way Bill Summary: Summary of e-way bills generated for inter-state movement of goods.
Advance Tax Deposit: Shows any advance tax deposited during the period.

Benefits of Reviewing the Returns Summary:

Get a quick overview of your overall GST liability.
Identify any inconsistencies or potential errors before submission.
Ensure data accuracy and compliance with GST regulations.

Remember, the Returns Summary provides a high-level view.

It’s crucial to thoroughly review the details section of your GSTR-1 draft for complete information before filing.

Don’t hesitate to consult your accountant if you have any questions or require further clarification.