GSTR-1: An Overview by Enterslice

Ashish M. Shaji

26 Oct, 2020

Under the GST Act, every normal taxable person has to file GSTR-1 with a detail of the outward supply of goods or services. It will also include details of debit or credit note related to the outward supply of goods or services of the previous month. This form will also include details of the export and exempted supply of goods and services.

The GST Council in its recent meeting had shared a revised format for Monthly returns and GST Rates of various goods and services. In this article, we will discuss the requirement for GSTR-1 and what we need to know about it.

Who is required to file GSTR-1?

Every person who has done their GST Registration should file this return, except a person registered under composition scheme, Non-resident taxpayers, E-commerce aggregator or Marketplace and Foreign diplomats. Input Service Distributors, taxpayers liable to collect TDS and taxpayers liable to deduct TDS are also exempted from filing this return.

Deadline for Return Filing

The due date for GST return filing is based on your turnover. Businesses having sales of up to 1.5 crore rupees can file quarterly returns and other taxpayers above 1.5 crore turnover can file monthly return.

We have provided both monthly and quarterly deadline below.

• Quarterly GSTR-1:

Jan-March 2020: Due date is 30^th April 2020;

April-June 2020: Due Date is 31^st July 2020;

July-Sept 2020: Due date is 31^st Oct 2020.

• Monthly GSTR-1:

Feb 2020: 11^th March 2020

Mar 2020: 11^th April 2020

April 2020:  11^th May 2020

May 2020: 11^th June 2020

June 2020: 11^th July 2020

July 2020: 11^th August 2020

August 2020: 11^th Sept 2020

Sept 2020: 11^th Oct 2020

GST Return: Often used terms

 The GST return has to be filed by the normal taxable person. It has a total of 13 to the task to be performed and basic required details in it are pre-filled. Hence, we need to understand certain terms under GST Return.

• POS – Place of Supply of Goods or Services
• GSTIN – Goods and Services Taxpayer Identification Number
• HSN – Harmonized System of Nomenclature for goods
• SAC – Services Accounting Code
• UID – Unique Identity Number for Embassies
• GDI – Government Department Unique ID

Points to know while preparing GSTR-1

1. A Proper definition of GST heads in Accounting software – Correct date of sale purchase can only be generated if the accounting system of a taxable person can generate the correct reports. On the date of GST implementation, it is necessary to define your accounting heads compliant with GST law.
2.  Each taxpayer registered under the GST Act will be allotted 15-digit PAN-based registration no for each state of operations. Each taxpayer will have to Log in to GST Portal^[1] and select GSTR1 from Dashboard.
3. The configuration of a Taxable person profile – For the first time, the gross turnover of the taxpayer in the previous financial year has to provide. From the next FY system will pull all information.  The taxable person has to provide the information about the details of all taxable supplies, under Reverse Charge, and Supplies by way of an E-Commerce aggregator.
4. Detail of interstate supplies to unregistered persons where the invoice value is more than Rs 2,50,000/-
5. Details of B2B supply of goods
6. Details of B2C supply of goods
7. Separate details for export supply or deemed export supply to SEZ / EOU
8. Invoice wise details of Debit or credit
9. Detail of Non-GST Outwards supplies
10. Details of advance against the future supply of goods or services.
11. HSN/ SAC wise summary of outward supply of goods or services
12. Summary of supply made under IGST, CGST & SGST
13. Amended Tax Liability (Advance tax payment)
14. Detail of Supplies of goods made through other e-commerce marketplace like Flipkart, Amazon.in.

Conclusion

It may be noted that return once filed can’t be revised. In case of mistake in the return, it may be rectified in the next period. Simply speaking, if a mistake is made in September GSTR-1 then the same can be rectified in the month of October.

Read our article: GST for Companies under CIRP as per IBC, 2016