Outward supplies by Tax payers
Key Points of GSTR-1 (Outward supplies by Tax payers)
- Due Date of GSTR-1 (Outward supplies by Tax payers ):- To be furnished by the 10th of the month succeeding the tax period. Not to be furnished by compounding Taxable Person/ISD
- Basic details of the Taxpayer i.e. Name along with GSTIN
- Period to which the GSTR-1 (Outward supplies by Tax payers ) Return pertains
- Aggregate Turnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years.Aggregate Turnover means as defined under the Goods and Services Tax Act, 20…..
- Taxable outward supplies to a registered person to be given in GSTR-1 (Outward supplies by Tax payers )
- Final invoice-level supply information pertaining to the tax period separately for goods and services which has to be submitted in GSTR-1 (Outward supplies by Tax payers ) as follows:
- For all B2B supplies (whether inter-state or intra-state) invoice level specified details will be uploaded.
- For all inter-state Business to Consumer (B2C) supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed. GSTR-1 (Outward supplies by Tax payers ) also provides separate table for amendment to taxable outward supplies to a consumer of earlier tax periods where Place of Supply (State Code) is other than the State where supplier is located (Inter-state supplies) and Invoice value is more than Rs 2.5 lakh
- Following parameters with respect to HSN code for goods and accounting codes for services will apply for submitting the information in return relating to invoice level information.
- HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
- If gross turnover in previous financial year is equal to or greater than Rs 1.5 crore and less than 5 crore, HSN should be minimum of 2 digit and would be mandatory from the second year of GST implementation.
- HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.
- Details of Credit/Debit Notes : Seperate table for providing details of Credit/Debit Notes in GSTR-1 (Outward supplies by Tax payers ) and Amendment to Details of Credit/Debit Notes of earlier tax periods
- Nil rated, Exempted and Non GST outward supplies : seperate table for Nil rated, Exempted and Non GST outward supplies in GSTR-1 (Outward supplies by Tax payers )
- Supplies Exported (including deemed exports) : Seperate table for Supplies Exported (including deemed exports) and for Amendment to Supplies Exported (including deemed exports)in GSTR-1 (Outward supplies by Tax payers )
- Tax liability without issuance of Invoice :-Tax liability arising on account of Time of Supply without issuance of Invoice in the same period to be given in separate table in GSTR-1 (Outward supplies by Tax payers ).Note: A transaction id would be generated by system for each transaction on which tax is paid in advance/on account of time of supply. There is also seperate table for Amendment to Tax liability arising on account of Time of Supply without issuance of Invoice in the same tax period.
- Advance Received Details :-Details relating to advance received against a supply to be made in future will be submitted in accordance with the Point of Taxation Rules as framed in the GST law to be provided under GSTR-1 (Outward supplies by Tax payers ).
- Supplies to e-commerce portals : -Supplies made through e-commerce portals of other companies to be provided under GSTR-1 (Outward supplies by Tax payers ). It also provides separate table for Amendment to Supplies made through e-commerce portals of other companies to Unregistered Taxable Persons
- Invoices issued to persons liable for reverse charge :– Invoices issued during the tax period including invoices issued in case of inward supplies received from unregistered persons liable for reverse charge to be provided under GSTR-1 (Outward supplies by Tax payers ).
- Taxes already Paid on Advance Received :-Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted in the GST law to be provided under GSTR-1 (Outward supplies by Tax payers ).
- Invoice Revision relating to Previous Tax Periods:-Separate table for submitting details of revision in relation to outward supply invoices pertaining to previous tax periods in GSTR-1 (Outward supplies by Tax payers ) .
- Return Revision/ Modification :- GSTR-1 (Outward supplies by Tax payers ) provides separate table for effecting modifications/correcting errors in the returns submitted earlier
- Terms used:
GSTIN: Goods and Services Taxable Person Identification Number
UIN: Unique Identity Number for embassies
HSN: Harmonized System of Nomenclature for goods
SAC: Service Accounting Code
POS: Place of Supply (State Code) of goods or services – State Code to be mentioned
Read also GST Return filing Process in India
GST Return ,GSTR 1, GSTR 2, GSTR 3, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 10, GSTR 11,
GST Return : Who … What….When….to File GST Return
|Sr.No||Form||Who to File ?||What to file?||When to File ?|
|1||GSTR-1||Registered taxable supplier||Outward supplies||10th of the month succeeding the tax period|
|2||GSTR-2||Registered taxable recipient||Inward supplies /Purchases||15th of the month succeeding the tax period|
|3||GSTR-3||Registered taxable person||Outward supplies , inward supplies, ITC availed, tax payable, tax paid and other particulars as prescribed||20th of the month succeeding the tax period|
|4||GSTR-4||Composition supplier||Outward supplies, inward supplies||18th of the month succeeding the quarter|
|5||GSTR-5||Non-resident person||Outward supplies, inward supplies||20th of the month succeeding tax period & within 7 days after expiry of registration|
|6||GSTR -6||Input service distributor||details of tax invoices on which credit has been received||13th of the month succeeding the tax period|
|7||GSTR-7||Tax deductor||Details of tax deducted||10th of the month succeeding the month of deduction|
|8||GSTR-8||E commerce operator/tax collector||Details of tax collected.||10th of the month succeeding the tax period|
|9||GSTR-9||Registered Taxable Persons||Annual Return||31st December of the next Financial Year]|
|10||GSTR 9A||Taxable Person paying tax u/s 8 (Compounding Taxable Person)||Annual Return||31st December of the next Financial Year]|
|11||GSTR 9B||Registered Taxable Person (if Turnover Exceeds 1Crore)||Audit Report with Reconciliation Statement||31st December of the next Financial Year|
|12||GSTR 10||Taxable person whose registration has been surrendered or cancelled||Final return||within three months of the date of cancellation or date of cancellation order, whichever is later|
|13||GSTR 11||Persons having Unique Identity Number and Claiming Refund||Details of inward supplies||28th of the month following the month for which statement is filed|
Read also GST Return filing Process in India
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