How to file GSTR1?
Before learning what is GSTR1 let us first figure out what is GST filing.
Every registered taxable person and business must know about GST filing returns.
Frequency of GST filing:
After registering yourself or your business with GST you will have GST returns which is like paying monthly tax. The period that you choose is your taxable period or filing frequency. There are given options to file your GST returns either monthly, two monthly or six monthly. In case no choice is made it will be put in two monthly. The filings include GSTR1, GSTR2, GSTR3 AND GSTR1A.
GST return filing India
GST have been implemented this year (2017) by completely clearing get out India’s indirect tax system. GST registration have become must for all the companies that are involved in buying and selling or delivery of goods and services. The business that exceed 10 lakhs per year had to register in GST in the northeaster and hilly regions while 20 lakhs was imposed for rest of the country. The entities having GST registration would be required to file GST returns, GST returns filing would be mandatory for all GST registered entities irrespective of any activity or sale during the return filing period. The GST registration holder will have to file GSTR1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return). The tax payers would be required to file GSTR-4 every quarter on 18th of the month next to the quarter. And, annual GST must be filed by all GST registered entities on or before 31st of December.
What is GSTR1?
GSTR1 is where the supplier’s report their outward supplies during the month of reporting. All the taxable individual who have registered are required to file GSTR1 -by the 10th of the following month. GSTR1 is the starting point for passing the input tax credits to the dealers.
This return form would capture the following information:
• Basic details like business name along with GSTIN, period for which the return is being filed etc.
• Details of invoices issued in the previous month and the corresponding taxes paid.
• Details of advances received against a supply which has to be made in future
• Details of revision in relation to outward sales invoices pertaining to previous tax
Who are to file GSTR1?
GSTR1 needs to be filed by a person who has registered under GST. There are certain dealers who are not required to file GSTR1 and are to file other GST returns instead, such dealers are English commerce operators, input service distributors, dealers registered under the composition scheme i.e the dealers who are illegible to pay GST and the non resident dealers and tax deductors. GSTR1 has to be filed even when the business did not have any sale during the reporting month.
What name to be filed in GSTR1?
In GSTR1 there are 13 heads that are to be filed and they are enlisted as under:
• Name of the taxable person, auto-populated field.
• GSTIN of the taxable person filling the return, auto-populated field.
• Total financial turnover in last financial year. This is a one time action and has to be filled once. This field will be auto populated with the closing balance of the last year.
• The period for which the return is begin filed month and year is available as a drop down selection.
• Details of taxable outward supplies made to registered person so CGST and SGST shall be filled in case of inter-state movement. Details of exempted sales or sales at nil rate of tax shall also be mentioned here.
• Details of outward supplies made to end customer, where the value exceeds Rs. 2.5 laks-other than mentioned, all such supplies are optional in nature.
• The total of all the outward supplies made to end consumers, where the value does not exceed Rs. 2.5 lakhs.
• Details of debit notes or credit notes
• Amendments to outward supplies of previous period. Apart from these two, any changes made to a GST invoice has to be mentioned in this section
• Exempted, Nil rated and non GST supplies- if nothing has been mentioned in the above sections, then complete details of such supplies have to be declared.
• Details of export sales made-up addition to the sales figures, HSN codes of the goods supplied have to be mentioned as well.
• Tax liability arising out of advanced receipts.
• Tax paid during the reporting periods it can also include taxes paid for earlier periods.
Click here for GSTR1 FORMAT