What is Gstr-1 and what are the details required to fill in Gstr-1?

 

GSTR-1 is required to be filed by registered taxpayers under the Goods and Services Tax (GST) system in India on monthly or quarterly basis as the case may be. It contains details of all outward supplies (sales) made by a registered person during a specific tax period.

Under GSTR-1, registered person are required to provide detailed information of every supply such as name of buyer, gst number of buyer types of supply whether business to business (B2B) or business to customer, value of supply, applicable tax rates, export supply, debit note, credit note, advances received against future supplies, HSN or SAC wise detail of supply, number of documents issued during the month or quarter etc.

HSN or SAC detail under GSTR-1 is mandatory to be filled by supplier if the turnover of supplier is more than 5 crore, if turnover is below 5 crore then HSN or SAC is mandatory only in case of B2B supply.

The due date for filing GSTR-1 depends on the scheme based opted by the business. Businesses with an annual turnover of up to Rs. 5 Crores have an option to opt QRMP scheme under which they may file GSTR-1 on a quarterly basis, while those with a higher turnover are required to file it on a monthly basis, for monthly return the due date of filing is 11th of following month and in case of QRMP the due date is 13th of the next month from the end of quarter.

WHAT DETAIL TO BE FILLED IN GSTR 1?

The following are the details that need to be filled in GSTR-1:

Details of all outward supplies made to registered persons that are called business to business supply (B2B) including the name, address, and GSTIN of the recipient, the invoice number, date of invoice, the value of goods or services supplied, and the applicable GST rate and amount.

Details of all outward supplies made to unregistered persons that are called business to customer supply (B2C). This includes the aggregate value of all supplies made to unregistered persons, bifurcated by the state/UT and the rate-wise value of goods or services supplied.

Details of credit/debit notes issued including the details of any credit or debit notes issued during the tax period, like the number, date, value of the note, the name, address, and GSTIN of the recipient, and the reason for issuing the note.

Details of any advances received against future supplies including the details of any advance payments received for supplies to be made in the future. 

Details of export supplies including the details of all exports made during the tax period like shipping bill number, date, and port code.

HSN or SAC wise summary of outward supplies including the summary of all outward supplies made, bifurcated by the Harmonized System of Nomenclature (HSN) code or service accounting code (SAC) of the goods or services supplied.

And the last part there is also need to mention total document issued during the period.

It is an important return as it provides the basis for the input tax credit (ITC) claimed by the recipient of the goods or services. Therefore, it is important for supplier to file GSTR-1 accurately and on time to avoid any discrepancies in their tax filings.

 CA KHALID REHMAN

(M.Com, Chartered Accountant)

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