Maybe you already know about GSTR-1 Return Form and Maybe not, it totally depends on need and personal interest and if you don’t know about it then this article is for you, and even if you know about GSTR-1 then still you will find something new here.
GSTR-1 Form
GSTR-1 is an important form that is filed by the taxpayer (the supplier of goods, services, or both) on a monthly or quarterly basis. The GSTR-1 Form consists of various details such as details of sales or outward supplies of goods and/ or services of a dealer. If someone is connected in the supply of goods, services or both have to provide all the asked details of the supply. The Form also requires details of the recipient of the goods.
Who Can File GSTR-1?
It is compulsory for all the taxpayers to file GSTR-1 Form, even in the case of No Sales, taxpayers have to file a Nil return. GSTR-1 can be filed on a monthly basis or quarterly basis as per the annual turnover. Only the following are exempted from filing GSTR-1 form, other than these, all taxpayers have to file the GSTR-1 Form.
- An Input Service Distributor (ISD) doesn’t have to file the form GSTR-1, instead of this they file GSTR 6, actually, this business gets invoices for services used by their branches.
- Dealers whose business are listed under the Composition Scheme of GST are also exempted from filing GSTR – 1. It is also applicable to businesses whose yearly turnover is up to 1.5 crore INR. Instead of GSTR-1 composition Dealers have to file GSTR 4.
- Suppliers of OIDARs also don’t have to file GSTR – 1 Form, they have to file GSTR 5A. According to Section 14 of the IGST Act, such companies pay tax to themselves.
- People who import goods or services from foreign countries or are in charge of managing a Non-resident Indian (NRI) owned business are known as Non-resident taxable persons, and they don’t have to file GSTR-1. they file GSTR 5 form.
- Operators of E-commerce liable for collecting TCS are also exempted to file GSTR-1, they file GSTR-8
- A taxpayer liable for tax deduction at source (TDS) is required to file GSTR-7 so there is no need to file GSTR-1 Form.
Due Date For Furnish Form GSTR-1
The form can be furnished monthly as well as on a quarterly basis. If the turnover during the previous FY was up to Rs. 1.5 Crore. A new taxpayer can also opt-in for filing the GSTR-1 quarterly if he/she believes that the overall turnover during the FY will be up to Rs. 1.5 crores. The usual due dates are given below.
1. For Businesses With Annual Turnover Equal to or Less Than 1.5 Crores INR:
These businesses have to furnish the form on a quarterly basis.
| Quarter | Due Date |
|---|---|
| April – June | 31st July |
| July – September | 31st October |
| October – December | 31st January |
| January – March | 30th April |
2. For Businesses Having Annual Turnover Above 1.5 Crores INR:
Such businesses can file the Form on monthly basis and they can file form for the current month till the 10th of next month.
Change of Schedule Due to COVID 19 Pandemic
Due to lockdown and COVID-19 Government gave some relaxation to all the taxpayers and the due dates have been extended, the same is engraved below.
1. For Monthly Basis
| Period (Monthly) | Last Dates |
|---|---|
| June 2020 | 05th August 2020 |
| May 2020 | 28th July 2020 |
| April 2020 | 24th July 2020 |
2. For Quarterly Basis
| Period (Quarterly) | Last Dates |
|---|---|
| April – June 2020 | 03rd August 2020 |
| January – March 2020 | 17th July 2020 |
Different Sections of GSTR-1
There are a total of 13 sections in the GSTR-1 form and not all of them need to be filled manually. Some of the sections fetch data automatically. We are explaining each and every section down below.
Basic Details in Table 1,2,3
Table 1: GSTIN (Pre-Filled): GST Number and PAN card Number
Table 2: Name of the Taxpayer (pre-filled): Legal and/ or trade name
Table 3: The Gross Turnover of the Earlier Financial Year (pre-filled): Only at the first time need manually filling. It will have two sections:
- Aggregate Turnover in the preceding Financial Year
- Aggregate Turnover – April to June 2017* (Previous year)
Details of Outward Supplies
As per new guidelines, a taxpayer also has to reveal details of export of goods and/ or services including deemed exports (SEZ), Invoice level info of supplies to registered persons etc. Complete details regarding the outward supplies will be filled in Tables 4, 5, and 6 of Form GSTR-1.
Table 4: Taxable outward supplies made to registered persons other than supplies covered by
Table 6 : the taxpayer has to fill details of all taxable supplies of the current quarter.
- 4(A) – Normal taxable supplies other than those (i) attracting reverse charge & (ii) made through e-commerce operator.
- 4(B) – Supplies following reverse charge mechanism should be included rate-wise
- 4(C) – Supplies completed by e-commerce operators should be filed (operator-wise and rate-wise)
Table 5: Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 lakh
- 5(A) – Outward supplies (Other than supplies made via e-commerce operator, rate-wise)
- 5(B) – Supplies made through e-commerce operator attracting TCS (operator-wise and rate-wise)
Table 6: Zero-rated supplies and Deemed Exports
- 6(A) – Exports
- 6(B) – Supplies made to SEZ unit or SEZ Developer
- 6(C) – Deemed Exports
Table 7: Taxable supplies (Net of debit notes and credit notes) to unregistered persons other than the supplies covered in Table 5: Here, details related to the debit and credit note issued to unregistered persons will be filled up. It has 2 sections and 4 sub-sections.
Table 8: Nil rated, exempted and non-GST outward supplies: Details of Nil rated, Exempted (Other than Nil rated/non-GST supply), and non-GST outward supplies need to be filled up.
- 8A. Inter-State supplies to registered persons
- 8B. Intra- State supplies to registered persons
- 8C. Inter-State supplies to unregistered persons
- 8D. Intra-State supplies to unregistered persons
Amendment in GSTR 1 Form of Previous Period
Data of GSTR-1 cannot be modified while filling. To do any amendment you have to use this section in the next Month’s GSTR-1 Form.
Table 9: Amendments to taxable outward supply details furnished in returns for earlier tax periods in Tables 4, 5, and 6 [including debit notes, credit notes, refund vouchers issued during the current period, and amendments thereof. All details related to the amendments made in Tables 4, 5, and 6 for the current tax period and revisions or modification thereof]: It will have 3 sections and you have to fill the details as per the correction needed.
Table 10: Amendments to taxable outward supplies to unregistered persons furnished in returns for earlier tax periods in Table 7: Details of complete revision will be filled here. It has 2 sections and 3 subsections.
Table 11: Consolidated Statement of Advances Received/Advance adjusted in the current tax period/ Amendments of information furnished in the earlier tax period: This section will have a consolidated statement of advance received.
Details of HSN Wise Summary
Table 12: HSN Wise Summary of Outwards Supplies
Table 13: Documents issued during the tax period: These sections will have all the details related to invoices, revised invoices, and debit and credit notes in a summarised manner.
Late Fee for Non-Filing of GSTR 1 Form
If a taxpayer failed to furnish the GSTR-1 form on or before the due date then, a penalty of Rs 50/day will be applied. In nill case penalty will be Rs 20/day.
A Few Important Points:
- Even in the case of zero sales in a particular month Form GSTR – 1 needs to be filed.
- A Taxpayer is not allowed to file GSTR-1 form before the end of a certain tax period.
- If the taxpayer has been transformed from a normal taxpayer to a composite one, then this form will be filled only for a period, he/she was a normal taxpayer
- GST Portal allows taxpayers to upload invoices on a real-time basis. And it can be modified later if needed
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