What IS GSTR-1?

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What IS GSTR-1?

 

  • Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.

 

  • Every registered taxable person, other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52 is required to file Form GSTR-1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal

 

  • A person can opt for quarterly returns as per QRMP scheme if his annual turnover is less than 1.5 cr.

 

 

  • The following taxpayers are not required to file Form GSTR-1:
  1. Taxpayers under the Composition Scheme
  2. Non-resident foreign tax payers
  3. Online information database and access retrieval service provider
  4. Input Service Distributors (ISD)
  5. Tax Deducted at Source (TDS) (deductors); and
  6. E-commerce operators collecting TCS

 

  • Filing of GSTR 1 is mandatory even when you have nil outward supplies.

 

  • The due date to file Form GSTR-1 for a given tax period is 11th day of the succeeding month in case of taxpayers filing it monthly and 13th day of month succeeding the end of every quarter in case of taxpayers filing quarterly or such other dates as may be extended by Government through notification.

 

  • In case of default in filing,  a system generated return defaulter notice in format 3A if he fails to file Form GSTR-1 by due date

 

  • During the first year of registration, turnover of the business needs to manually added in Table 3 of Form GSTR-1 and from next year onwards the system will auto-calculate the turnover based on all the annual returns filed for all the GSTINs associated with a given PAN (PAN-based turnover). However, the turnover value will be editable and you will have the option to amend it.

 

  • Majorly, Particulars to be feeded in the GSTR1 return
  1. B2B supplies: Party Name, GST number, Taxable amount along with respective GST rate,Respective HSN code*, Quantitative details, Invoice number, Place of supply
  2. B2C supplies: Taxable amount along with respective GST rate, Invoice value, Respective HSN code, Quantitative details, Invoice number, place of supply
  3. Debit notes: Taxable amount along with respective GST rate, Invoice value, Invoice number, place of supply
  4. Credit Notes:Taxable amount along with respective GST rate, Invoice value, Invoice number, place of supply.
  5. Amendements: In case of any mistakes in previous returns, incorrect and correct details regarding the same can be added,

 

  • All values like invoice value, taxable value and tax amounts are to be declared up to 2 decimal

 

  • In general, there are following ways in which one can feed data into the portal:
  1. Directly on the site: This happens when you have less number ofbills . Otherwise, it is a very cumbersome process.
  2. When monthly accounting is done on Tallye. tally data: The GSTR 1 is exported from tally after clearing all the errors. It can be directly uploaded on GST website or through some external softwares like computax. In JSON format.
  3. When number of bills are many and data is maintained in excel format, third party application of Application Software Provider (ASPs) through GST Suvidha Providers (GSPs) is ued.
  4. Returns offline tool: Uploading of invoice and other Form GSTR-1 data using Returns Offline Tool.

 

 

 

  • A taxpayer cannot file Form GSTR-1 before the end of the current tax period. However, following are the exceptions to this rule:
  1. a. Casual Taxpayers after the closure of their business can file Form GSTR-1 before the end of the current tax period
  2. A taxpayer who has applied for cancellation of registration will be allowed to file Form GSTR-1 after confirmation of receipt of the application before the end of the current tax period

 

  • A GST return can be signed in 2 ways, either EVC or DSC. DSC is mandatory in case of all Public & Private Limited Companies, Limited Liability Partnerships (LLPs), and Foreign Limited Liability Partnerships (FLLPs).

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