What Is GSTR-1 ?
GSTR 1 prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for the relevant period. GSTR 1 needs to be filed by every taxpayer except Composition Scheme taxpayers, Non-Resident Foreign taxpayers, TDS deductors, E commerce Operators and Input Service Distributors as there are separate returns for them. This return is required to be filed by the 10th of subsequent month. (Example: GSTR-1 for the transaction month of Jan has to be filed before 10th Feb).The government has notified new GST Return formats in this regard and removed the mandatory requirement to quote HSN codes for goods and SAC codes for services in each table. The GST Return Formats have been updated to ease the process and simplify compliance for taxpayers under GST.GSTR 1 has a total of 13 headings, the taxable person need not worry as most of these will be pre-filled. But we need to understand certain terms:
- GSTIN – Goods and Services Taxpayer Identification Number
- UIN – Unique Identification Number
- UQC – Unit Quantity Code
- HSN – Harmonised System of Nomenclature
- SAC – Services Accounting Code
- POS – Place of Supply of Goods and Services
- B2B – From one registered person to another registered person
- B2C – From registered person to unregistered person
Who needs to file GSTR-1?
GSTR-1 has to be filed by “all” taxable registered persons under GST. However, there are certain dealers who are not required to file GSTR-1, instead, are required to file other different GST returns as the case may be. These dealers are E-Commerce Operators, Input Service Distributors, dealers registered under the Composition Scheme, Non-Resident dealers and Tax deductors. It has to be filed even in cases where there is no business conducted during the reporting month.
How to file GSTR-1 Form?
Form GSTR-1 contains 13 tables in which the outward supplies details needs to be captured. Based on the nature of business and the nature of supplies effected during the month, only the relevant tables are applicable, not all. The GSTR-1 format is as follows:
- Table 1, 2 & 3: Details of GSTIN and aggregate turnover in preceding year.
- Table 4: Taxable outward supplies made to registered persons (including UIN-holders) other than Zero rated supplies and Deemed Exports.
- Table 5: Taxable outward inter-State supplies to un-registered persons where the invoice value is more than INR 2.5 Lakh.
- Table 6: Details of Zero rate supplies and Deemed Exports.
- Table 7: Details of Taxable supplies (Net of debit notes and credit notes) to unregistered persons other than the supplies covered in Table 5.
- Table 8: Details of Nil rated, exempted and non GST outward supplies.
- Table 9: Details of debit notes, credit notes, refund vouchers issued during current period and any amendments to taxable outward supply details furnished in the GSTR1 returns for earlier tax periods in Table 4, 5 & 6.
- Table 10: Details of debit note and credit note issued to unregistered person.
- Table 11: Details of Advances Received/Advance adjusted in the current tax period or Amendments of information furnished in earlier tax period.
- Table 12: HSN-wise summary of outward supplies.
- Table 13: Documents issued during the tax period.