Analysis of GST Return GSTR-1 -Outward supplies by Tax payers

By | October 7, 2016
(Last Updated On: October 7, 2016)

Contents

GSTR-1

Outward supplies by Tax payers

Key Points of GSTR-1 (Outward supplies by Tax payers)

  1. 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
  2. Basic details of the Taxpayer i.e. Name along with GSTIN
  3. Period to which the GSTR-1  (Outward supplies by Tax payers ) Return pertains
  4. 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…..
  5. Taxable outward supplies to a registered person to be given in GSTR-1  (Outward supplies by Tax payers )
  6. 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.
  7. 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
  8. 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 )
  9. 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 )
  10. 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.
  11. 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 ).
  12. 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
  13. 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 ).
  14. 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 ).
  15. 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 ) .
  16. Return Revision/ Modification :- GSTR-1  (Outward supplies by Tax payers ) provides separate table for effecting modifications/correcting errors in the returns submitted earlier
  17. 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

Download  GSTR-1

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

Download Draft GST Return Rules Released by Govt

Download Draft GST Return Formats released by Govt

Download Other GST Return Forms from GST Tab-GST Rules and Forms- Draft GST  Rules and Form -Return Form  at Taxheal.com

 

 

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