In today’s blog we will discuss how to file GSTR-1.
GSTR-1 (Goods and Service Tax Return – 1) (Outward Supply Return)
Basically, in GSTR-1, the dealer is required to give details regarding sales of the company. The details have to be filled in different sections of the returns.
1. B2B Invoices: In this section, the dealer has to give details regarding sales made to a person having valid GSTN. Details such as GSTN, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are to be provided.
2. B2C Large Invoices: In this section, Details of inter-state supplies (i.e., Sales made outside the state) of goods to consumers where invoice value is more than 2.5 lacs are to be provided. Here also, Details such as POS, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are provided.
3. Credit / Debit Note (Registered): Generally Debit note or credit notes are issued in case of purchase return or sales return. If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as GSTN, Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.
4. Credit / Debit Note (Unregistered): If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.
5. Export Invoice: In this section, we are required to give details of sales made outside India. Details such as Invoice Date, Port Code, Shipping Bill No., Shipping Bill Date, Total Invoice value, whether GST is paid or not and Rate wise taxable value are to be provided.
6. B2C Others: Details of Taxable Sales not mentioned anywhere above are required to be given in this section. Details such as POS, Taxable value, Rate and GSTN of E-commerce operator if sales is made through e-commerce operator are to be provided.
7. Nil rated suppliers: Exempted or nil rated sales are required to be filled here. The dealer is required to give details such as inter-state supplies to registered and unregistered dealer and intra-state supplies to registered and unregistered dealer.
8. Advance received: If any advances for sale of goods are received but sale is not executed, such details are required to pay GST on advances received. Details of the same are to be given in this section such as POS and Rate wise advances received.
9. Adjustment of advance received: If we have paid taxes on the advances received and in the current tax period we have issued tax invoice then we can adjust the advance amount in this section and we have to pay tax only on balance invoice amount excluding the advance amount in which tax already being paid. The details of such advances for which tax invoice is issued in current tax period is to be given in this section such as POS and Rate wise advances received.
10. HSN wise summary of outward supplies: If turnover of the any business entity is more than Rs. 1.50 crores, they have to give HSN wise summary of outward supplies. Others can also give HSN wise summary of outward supplies voluntarily. Details such as HSN, Description, UQC, Total Quantity, Total Value, Total Taxable Value and tax amount are to be provided.
11. Document issued: Various documents required to be issued during the tax period by the tax payer for the various financial transaction. Details of the same is to be given in this section such as invoices for outward supplies – total, cancelled and net issued, invoices for inward supplies from unregistered dealer, revised invoices, debit note, credit note, receipt voucher, payment voucher, refund voucher and various delivery challans.
As mentioned above, various details are to be provided through GSTR-1. The same may be submitted either through EVC or through Digital signature. In case of companies and partnership firms filing of return is compulsory through digital signature.
We will discuss some interesting instances of implication of GST in my further articles. Your queries / feedback may please be emailed to me at s20.training@gmail.com .
– By CA Jigar Patel