Changes in GSTR-1 HSN Summary (May 2021 Period Onwards)
The structure of HSN summary table in GSTR-1 has been changed. This change will be effective from May 2021 period.
| Period | Applicable Fields |
|---|---|
| Apr 2021 or Earlier | HSN Code, HSN Description, UQC, Quantity, Total Value, Taxable Value, IGST, CGST, SGST, Cess |
| May 2021 or Later | HSN Code, UQC, Quantity, GST Rate, Taxable Value, IGST, CGST, SGST, Cess |
In other words, from May 2021 period:
- HSN code is mandatory
- GST rate is mandatory
Octa GST has been updated to handle both old and new structure depending on the GSTR-1 period. If you will prepare GSTR-1 till Apr 2021 period, it will automatically generate HSN summary in the old structure. For May 2021 or later periods, it will automatically generate HSN summary in the new structure.
New Fields in Sales Documents
Added the support of the following fields in Sales documents:
- Other Charges : Useful to apply document level charges on which is GST is not applicable (e.g. TCS on sales). You can also configure the label of this field for invoice printing (Configuration button on Business page).
- Discount : Useful to apply document level discount
- Round-off : Useful to round-off the total value to nearest multiple of 1 or 10 Rupees.
All these fields are optional with a default value of zero. These fields can be used to capture the full details of sales documents and helps in accurate auto-calculation of document total.
New Fields in Purchase Documents
Added the support of the following fields in Sales documents:
- Other Charges : Useful to apply document level charges on which is GST is not applicable
- Discount : Useful to apply document level discount
- Round-off : Useful to round-off the total value to nearest multiple of 1 or 10 Rupees
- Label-1/2/3 : Useful to apply a custom labels to purchase document which can be used for purchase classification in reconciliation reports
All these fields are optional with a default value of zero. These fields can be used to capture the full details of purchase documents and helps in accurate auto-calculation of document total.