GSTR -1 Some Basics
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 25-1-2016
Background
The Joint Committee on Business Process for GST on GST return has given its report stating various returns to be filed by the different taxpayers alongwith the periodicity of filing of returns. GSTR -1 prescribes the details to be furnished by the taxpayer in relation to outward supplies effected by it for the relevant period. In this article the author has tried to summarize the components, periodicity and instructions for filing of the return based on the committee report.
Who needs to file this return
This return needs to be filed by every taxpayer. However, compounding taxpayers and ISD are not required to furnish this return as separate returns have been specified for such categories of registered taxpayers.
Periodicity
As per the committee report GSTR-1 is the monthly return need to be filed by the 10th of the subsequent month. It is required to be filed by
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ess is not on record will be classified as intra-state supply,
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invoices value of which is less than ₹ 50,000/- and where address is on record will be uploaded under State-wise summary,
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invoices value of which is in between ₹ 50,000/- to ₹ 2,50,000/- will be uploaded under State-wise summary,
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invoices value of which is more than ₹ 2,50,000/- will be uploaded invoice -wise.
(iii) The recommendation of the Committee on IGST and GST on Imports with respect to the details about HSN code for goods and Accounting code for services to be captured in an invoice are as follows:-
(a) HSN code (4-digit) for Goods and Accounting Codes for Services will be mandatory initially for all taxpayers with turnover in the preceding financial year above ₹ 5 Crore (For the first year of operations of GST, self-declaration of turnover of previous financial year will be taken as the basis as all India turnover data will not be available in the first year. From
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services will be mandatory in case of exports and imports.
(iv) The above parameters with respect to HSN code for goods and Accounting Code for services will apply for submitting the information in return relating to relevant invoice level information for B2B supplies (both intra-state and inter-state) and inter-state B2C supplies (where taxable value per invoice is more than ₹ 2.5 lakhs). It is proposed that in the return form the description of goods and services may not be required to be submitted by the taxpayer as the same will be identified through the submission of HSN code for goods and Accounting Code for services. In order to differentiate between the HSN code and the Service Accounting Code (SAC), the latter will be prefixed with “S”. The taxpayers who have turnover below the limit of ₹ 1.5 Crore will have to mention the description of goods/service, as the case may be, wherever applicable.
(v) For all Intra-State B2C supplies (including to non-registered Gove
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he time period for correcting these errors will be provided in the GST Law.
7. NIL rated, Exempted and Non-GST outward supplies to (both inter-state and intra-state) to registered taxpayers and consumers will be mentioned separately.
8. 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.
9. Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted.
10. Details relating to supplies exported (including deemed exports) both on payment of IGST as well as without payment of IGST would be submitted.
11. Meaning of various terms used are :-
* GSTIN – Goods and Service Taxpayer Identification Number
* UID – Unique Identification Number for embassies
* HSN – Harmonized System of Nomenclature for goods
* SAC- Service Accounting Code
* GDI – Government department unique ID where department does n
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