Is it mandatory to report Purchases from unregistered persons under 'Document Summary' of GSTR-1??
What is the impact of not-reporting? Any seroius consequences?
Thanks.
FYI,
From what I have seen so far, for many small to mid-sized business entities, it is difficult to maintian records of inward supplies from Unregistered person (which is a requirement under GST).
Most of them record such purchaes but fail to create self-invoices. And therefore, they do NOT report it's invoice details in "Document Summary" of GSTR-1. However, their figures get reported in GSTR-3B.
They report Sales invoices and Debit/Credit Notes in "document Summary".
CAclubindia
