The Goods and Service Tax Council in its meeting on 3rd and 4th July had shared a revised format for returns which needs to be filed under the GST regime. In this article, we will discuss revised heads, new formats and return filing process of the GSTR-1 FORM.

What is GSTR-1?

GSTR-1 is a return filing FORM which specify the details to be given by the taxpayer in India related to his outward supplies made to the buyer for the pertinent period. It will contain item wise details of goods and services supplied with HSN or SAC codes, supply to all B2B transactions, details of interstate supplies of B2C transactions above INR 2.5 lakhs and all other invoices of less than INR 2.5 lakhs with state wise summary details of all B2C transactions. All registered taxable individuals are required to file GSTR-` by 10th of the following month and is the starting point for passing input tax credits to the dealers.

Who needs to file GSTR-1?

According to the Section 32 of the GST Model Law GSTR-1 needs to filed by every registered taxable individual except taxpayers in Composition Scheme, Non-resident foreign taxpayers, TDS deductors, E-commerce operators and Input service distributors as there are separate returns for them under the provision of section 9, section 46 or section 56.

GSTR-1 Due Dates for July, August and onward

According to the recent statement on GST portal, here are the last filing dates for GSTR-1 form –
JulyAugustSeptember
GSTR-110th October5th October (Subject to change)20th October (Subject to change)

Important Headings in GSTR-1

GSTR-1 has a sum of 13 headings and most them are prefilled which is a help for the taxable individual. The terms are as per the following:
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

Steps for Filing GSTR-1

STEP 1: A taxpayer needs to login at GST portal by using his user ID and password
gst portal home
STEP2: If the Login is successful the user can see his/her dashboard.
STEP3: Now by clicking on Service menu followed by the Returns the tax payer will reach at GST return page. The segment will show all the services available on GST portal and the taxpayer needs to select one to continue further.
gst portal returns page

Information to be Filed in GSTR-1

GSTIN: Each taxpayer in India filing GSTR-1 will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). The GSTIN will be auto-filled on GST portal at the time of return filing in future by the taxpayer.
form gstr-1 header
Name of the registered taxpayer: Name of the taxpayer will be automatically filled at the time of logging into the GST portal. In case of Trade Name (if any) should be provided separately
Gross Turnover of the taxpayer in the previous Financial Year: The Gross turnover of the taxpayer is required to be filed only in the 1styear of Goods and Service Tax implementation. From the next year the details will be auto filled as carried forward balance of the last year.
Taxable outward supplies made to registered individuals (B2B): All taxable supplies made by the registered taxable individual needs to filled in this section. Supply here will cover complete details related to normal taxable supplies, supplies under reverse charge and supplies by way of an E-commerce operator. In case of interstate only IGST would be filed and in case of intra-state supplies CGST and SGST would be filed.
gstr 1 return form step 4
Taxable outward supplies made to registered individuals (B2B): All taxable supplies made by the registered taxable individual needs to filled in this section. Supply here will cover complete details related to normal taxable supplies, supplies under reverse charge and supplies by way of an E-commerce operator. In case of interstate only IGST would be filed and in case of intra-state supplies CGST and SGST would be filed.
gstr 1 return form step 5
Zero Rated Supplies and Deemed Exports: All types of zero rated supplies such as exports, deemed exports and sales to SEZ will be covered under this heading. Such supplies will only attract IGST
gstr 1 return form step 6
Taxable supplies (net of debit notes and credit notes) to unregistered persons other than the supplies covered in Table 5: This section will cover all the taxable supply which are made to an unregistered taxable individual and not covered under the point 5. This means all intra state supplies and inter-state supplies with invoice value less than INR 2.5 lakhs with separate disclosure for supplies through e-commerce operators.
gstr 1 return form step 7
Nil rated Exempt and Non-GST outward supplies: This section includes all kinds of nil rated, exempt and NON-GST supplies.
gstr 1 return form step 8
Amendments to taxable outward supply details of earlier tax periods: Any revision made in current tax law in the table 4,5,6 for earlier tax period is required to be outfitted in this section. It includes credit notes, debit notes and refund vouchers issued during the current period and their corresponding amendments.
gstr 1 return form step 9
Amendments to taxable outward supplies to unregistered persons: Any revision made in current tax period in table 7 for prior tax period is required to be outfitted in this section –
gstr 1 return form step 10
Consolidated statement of advances received/advance adjusted in current tax period: This table will include all the details of advances adjusted and advances received under the current tax period. The same will result in increase or decrease of GST liability. Amendment in advances (if any) from earlier tax period also needs to be reported here.
gstr 1 return form step 11
HSN wise summary of the outward supplies: The taxable individual will consolidate all his outward supplies in this section. The section will also show information on supplies made and IGST, CGST and SGST collected against it.
gstr 1 return form step 12
Documents issued during the tax period: This section will include details of all invoices issued and any kind of debit notes, credit notes, revised invoices and so on.
gstr 1 return form step 13
From all the steps explained above GSTR 1 seems to be comprehensive return. A taxpayer needs to be aware of every information before filing the return. Correct documentation and invoicing would be the key component to furnish the correct data in such return.
To avoid major mistakes while filing you can use third party GST software which are simpler to use rather than filing GSTR-1 directly on GSTN portal. The greater part of these software is that most of all accept data from your existing accounting software and help you to upload directly to GSTN portal.
          www.dptaxexperts.com