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Complete your GSTR-1 Return Filing with the help of this guide.

GSTR-3B alone is not sufficient for completing your return filings for the month of July and August.

GSTR-1, GSTR-2, GSTR-3 also should be filed within the specific deadlines.

GSTR-1: Outward Sales transactions either for goods or services carried out in the whole month.

GSTR-2: Inward Purchase transactions either for goods or services carried out in the whole month.

GSTR-3: The monthly Returns Filing.

Here are the dates for filing GSTR-1, GSTR-2, and GSTR3 for July, August and September 2017:

Return Filing For GSTR-1 Filing GSTR-2 Filing GSTR-3 Filing
July 2017 10th of October 2017 31st of October 2017 10th of November 2017
August 2017 05th of October 2017 10th of October 2017 15th of October 2017
September 2017 To Be Updated To Be Updated To Be Updated

Now that we have a clear idea about the dates, we will proceed with the return filing. We must be equipped with the procedures and tools that we need, to do the filings while meeting the specific rules & deadlines set by the GST council.

In this article, we will learn how to file GSTR-1. The first round of GSTR-1 return filing is scheduled to be completed before September 5, 2017.

What exactly is GSTR-1?

GSTR1: Goods & Services Tax Returns 1.

All the outward (sales) transactions need to be mentioned in GSTR-1return, which needs to be completed before 10th of every following month. This means, if you are filing for August 2017, the GSTR-1 filing should be completed before 10th of September.

GSTR-1 is carried out monthly by a registered GST vendor who has been allocated with a valid GSTIN number.

How to file the Returns?

It is recommended to subscribe to an advanced yet easy-to-use ASP (Application Service Provider) who provides the platform for easy Return Filings. Alternately, MS-Excel utilities can be used for the filing purpose.

Breaking the Return Format:

We have a total of 13 different sections in GSTR-1 that must be filled by the registered vendor or the CA who is managing the businesses.

The Different Sections are:

  • GSTIN
  • Legal name of the registered person
  • Aggregate Turnover in the preceding Financial Year
  • Taxable outward supplies made to registered persons (including UIN-holders) other than supplies Covered by Table 6
  • Taxable outward inter-State supplies to un-registered persons where the invoice value is more than INR 2.5 lacs
  • Zero rated supplies and Deemed Exports
  • Taxable supplies (Net of debit notes and credit notes) to unregistered persons other than the Supplies covered in Table 5
  • Nil rated exempted and non-GST outward supplies
  • Amendments to taxable outward supply details furnished in returns for earlier tax periods in the Table 4, 5 and 6.
  • Amendments to taxable outward supplies to unregistered persons furnished in returns for earlier tax periods in Table 7
  • Consolidated Statement of Advances Received/Advance adjusted in the current tax period/ of Amendments furnished in earlier tax period
  • HSN-wise summary of outward supplies
  • Documents issued during the tax period

Filling the document:

1.) GSTIN: Enter your registered and allocated GSTIN in this section

2.) Name: Name will be automatically populated after signing into the GSTN portal

3.) Turnover:We have two different sub-sections one asking for the Turnover in the previous year and the other for the total revenue generated between April to June 2017

4.) Taxable outward supplies made to registered persons (including UIN-holders) other than supplies Covered by Table 6: The three different sub- Sections are:

  • 4A.) The registered user needs to mention the details of those who don’t attract reverse charge and those who get their supplies through e-commerce operator.
  • 4B.) The registered user needs to mention the details of Supplies attracting tax on reverse charge basis.
  • 4C.) The registered user needs to mention the details of Supplies which are made through
    e-commerce operator on different parameters.

5. Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 lakh:

  • 5A.) This includes the outward supplies made through e-commerce operators
  • 5B.) This Includes the supplies made through e-commerce operators attracting TCS

6.) Zero rated supplies and Deemed Exports:
All the Zero-rated supplies and the Deemed Exports goods must be mentioned in the below section

  • 6A.) This talks about the Exports carried out in a month.
  • 6B.) This section requires details about the supplies made to the SEZ (Special Economic Zone) units or the SEZ Developer.
  • 6C.) This section includes transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian rupees or in frees foreign exchange.

7.) Taxable supplies (Net of debit notes and credit notes) to unregistered persons other than the
Supplies covered in Table 5.

  • 7A.) All the transactions taken place within the state through e-commerce operators attracting
    TCS needs to be mentioned here.
  • 7B.) All the transactions taken place between different states where invoice value is up to 2.5 Lakh mentioning the place of supply and the GSTIN of e-commerce operator.

8.) Nil rated exempted and non-GST outward supplies:

  • 8A.) All the transactions taken place between two different states to a registered vendor should be mentioned here.
  • 8B.) All the transactions taken place within the same state to a registered vendor should be mentioned here.
  • 8C.) All the transactions taken place between two different states to an unregistered vendor should be mentioned here.
  • 8D.) All the transactions taken place within the same state to an unregistered vendor should be mentioned here.

9.) Amendments to taxable outward supply details furnished in returns for earlier tax periods in, The table 4, 5 and 6:
Basically, all the incorrect information submitted in the previous Return tax filing has to be mentioned in this section with the suitable details and other related information that suggests that we provide the correct information.

  • 9A.) The Vendor needs to mention any incorrect details about the Invoice/ Shipping bill details submitted for the previous month.
  • 9B.) The Vendor needs to mention the incorrect details mentioned regarding the Debit notes/Credit Notes or the Refund Voucher.
  • 9C.) The Vendor needs to mention the incorrect details mentioned regarding the Debit notes/ Credit Notes or the Refund Voucher in the earlier filing.

10.) Amendments to taxable outward supplies to unregistered persons furnished in returns for earlier tax periods in Table 7:

It was very evident that in the previous section we have mentioned about the incorrect information provided to a registered dealer. Whereas,in this section we have to mention details about the incorrect information furnished to an unregistered vendor. The dealer can mention about all the transactions.

11.) Consolidated Statement of Advances Received/Advance adjusted in the current tax period/ of Amendments furnished in earlier tax period:

Advance payments are one of the most common practices in the business world and in this section the dealer has to mention the entire Advance payments, whether it could be Inter or Intra in the 11A section. In 11B the dealer has to mention about the earlier advance transactions that took place for the tax period mentioned in table 4, 5, 6.

12.) HSN-wise summary of outward supplies:

In this section, the dealer or the vendor has to mention the HSN (Harmonized Serial Number) of the goods sold.

13.) Documents issued during the tax period.
This serves as an overview of the furnished details in the other sections above. It typically talks about the Outward supply invoices, Inward invoices, Debit Note, Credit Note, etc.

Know more about the Return Filing services& File your GSTR-1 Returns without missing the deadline: www.encomply.com

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Content Courtesy:

Krishna Sriteja.D

GST Content Specialist | Tax Technology Enthusiast

dksriteja@udyogsoftware.com

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