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CA Umesh Sharma

Arjuna (Fictional Character): Krishna, 25th August was the last date for Form 3B and Ganapati also arrived on that day. Therefore some people were doing jayjaykaar of Ganapati and some were doing hahakaar of GST. Now on 5th September Ganapati is immersing and it is the last date for GSTR-1. So, What are the characteristics of Form GSTR-1?

GSTKrishna (Fictional Character): Arjuna, Ganapati is arrived. On that day itself Form 3B are submitted anyhow. At the time of filing of Form, there were so many problems of site, network, etc, but because of Ganapati Bappa problems were solved. Now by filing the first return of GST in Form GSTR-1 lets begin the new era i.e. ‘Shri Ganesha’ of GST. Form GSTR-1 is to be filed up to 5th of September. Now onward monthly returns to be filed in GSTR-1. This return is to be filed on GST Network through common portal. In Form GSTR-1, all information about outward supplies is to be filed online. There are total 13 columns in this form in which taxpayers have to give information.

Arjuna: Krishna, Which information about taxable supplies made to registered person is to be given?

Krishna: Arjuna, In GSTR-1, the information about the aggregate turnover in the preceding financial year as well as aggregate turnover in April to June 2017 is to be given. The invoice wise details of taxable supplies made to registered person are to be filed. In that information regarding GSTIN of receiver, tax rate, taxable value, place of supply as well as separate amounts of integrated tax, central tax, state tax and cess is to be furnished.

Arjuna: Krishna, What information regarding supply made to unregistered person is to be given?

Krishna: Arjuna, information of supplies made to unregistered person is to be given in column 5 and column 7 in GSTR-1. In column 5, total information of taxable outward interstate supplies to unregistered person where the invoice value is more than Rs. 2.5 Lakh and in column 7, intra- state supplies to unregistered person and interstate supplies where invoice value is up to Rs. 2.5 Lakh, is to be filed.

Arjuna: Krishna, Which are the other supplies, of which information is to be given in form GSTR-1?

Krishna: Arjuna, In GSTR-1, details of zero rated supply, deemed export, exempt supply, as well as HSN wise summary of outward supply should be furnished.

Arjuna: Krishna, Is any information regarding advances to filed in GSTR-1?

Krishna: Arjuna, Yes, information relating to advance received or adjusted is to be given in 11th column. In that rate-wise details of advances received or adjusted for inter-state and intra- state supplies is to be furnished.

Arjuna: Krishna, Which documents the taxpayers should issue during the tax period?

Krishna: Arjuna, the taxpayers should issue documents during the tax period like invoices for outward supply, invoices for inward supply from unregistered person, revised invoices, debit note, credit note, receipt/ payment/ refund voucher, delivery challan, etc.

Arjuna: Krishna, what lesson the taxpayer should take from this?

Krishna: Arjuna, The last date of filing GSTR-1 is 5th September. On 5th September itself Ganapati is immersing. Ganapati was arrived on 25th of August, it was the last date of Form 3B and Ganapati is immersing on 5th on September, it is the last date of Form GSTR-1. It means these 10 days are going into the GST returns only. Because of GST, taxpayers are facing so many problems. So, now all the problems of taxpayers are solved by Ganapati Bappa only. Now we can only do the prayer to Bappa that, “Ganapati Bappa Moraya; Solve the problem of GST!”

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1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

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June 2024