All About GSTR-1 Form

Introduction of  form

GSTR-1 is a monthly return that summarizes all outward supplies that should be filed by every registered dealer.

Due Date of filing

GSTR 1 for the month of July 2017 is due on 5th September 2017.

GSTR 1 for the month of August 2017 is due on 20th September 2017.

From the month of September 2017 GSTR 1 is required to be filed within 10th of next month.

Revision of GSTR 1 return

GSTR 1 once filed cannot be revised. Any mistake made in the return can be revised in the next months return.

Who will file GSTR 1

Every registered person is required to file GSTR 1 irrespective of whether there are any transactions during the month or not.

The following registered persons are exempt from filing of form GSTR 1:

• Input Service Distributors
• Composition Dealers
• Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
• Non-resident taxable person
• Tax payer liable to collect TCS
• Tax payer liable to deduct TDS

Form Analysis of GSTR 1

It has 13 Sections-

1. Provide GSTIN:(provisional id can also be used as GSTIN if you do not have a GSTIN).

2. Legal name of the registered person:Name of the taxpayer will be auto-populated.

3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total value of all taxable supplies made (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both. It can be obtained from annual and interim financial statements.

4. Taxable outward supplies made to registered persons (including UIN-holders): All B2B supplies should be mentioned in this section.

4A. under this head invoice wise details of all supplies made other than those under reverse charge and supplies made through e-commerce operator.

4B. all outward supplies on which reverse charge is applicable and which have been excluded in 4A should be shown here

4C. Supplies made through e-commerce operator which attract TCS has to be reported.

5. Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 lakh  

Invoice wise details of all supplies made to unregistered dealers are to be mentioned here:

5A. this will include sale to unregistered dealer and

5B. this will include the details of B2C supplies made online through e-commerce operator

6. Zero-rated supplies and deemed exports:

All type of zero-rated supplies, exports, deemed exports have to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill.

7. This section contains a rate wise summary of all sales made during the month.

7A. all sales including sales made through e-commerce operator has to be mentioned here.

7B. B2C interstate supply along with place of supply i.e. name of state where invoice value is upto Rs 2.5 lakhs should be specified here

8. Nil-rated, exempt and non-GST outward supplies: 

All the other supplies whether nil rated, exempt or non-GST which has not been reported under any of the above needs to be reported under this head. This need to be further bifurcated into Inter-State, Intra-State to registered and unregistered persons.

9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers):

Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section.

All debit notes, credit notes and refund voucher should also be entered here

10. Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: 

Point 9 was for details of supplies to registered dealer furnished in previous returns. This point is for making correction to regarding details of unregistered dealers both B2B and B2C provided in earlier returns.

11. Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods.  In this table, specify all advances received in the month for which invoice was not raised

12. HSN-wise summary of outward supplies: This section requires a registered dealer to provide HSN wise summary of goods sold.

13. Documents issued during the tax period: This head will include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc.

Analysis of GSTR 1 with table screenshots is attached herewith.

(Author can be reached on shubhamsharmaupw@gmail.com for any queries)