Taxmann Guide To GSTR 1

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Transcript

1. TAXMANN GUIDE TO GSTR 1
2. What is GSTR 1? GSTR 1 is the document that records the details of the sales made by the seller to the buyer. GSTR-1 is the base document upon which the entire compliance structure in GST is based.
3. Understanding GSTR 1  The concept of filing GSTR 1can be understood in the light of compliances under Goods & Services Tax. As we all know that the recently implemented tax structure has mandated monthly return filing, thus making each month a taxable period for generation & filing of a set of returns, namely GSTR 1, GSTR 2 & GSTR 3.  Among these three, GSTR 1 is the detailed return prepared for the invoices raised by the businesses towards the buyers.
4. Details of Outward Supplies Included in GSTR 1 Invoice Wise Details of All:  Inter-State and Intra-State supplies made to registered persons;  Inter-State supplies with invoice value more than two and a half lakh rupees made to unregistered persons.
5. Details of Outward Supplies Included in GSTR 1(Contd.) Consolidated Details of All:  Intra-State supplies made to unregistered persons for each rate of tax;  State wise inter-state supplies with invoice value upto two and a half lakh rupees made to unregistered persons for each rate of tax.
6. Details of Outward Supplies Included in GSTR 1(Contd.) Debit and Credit Notes:  Debit and Credit notes if any, issued during the month for invoices issued previously.
7. Purpose of Filing GSTR 1 If a person has entered into a transaction of supply of goods, then there must be someone who would be the recipient of the supply of goods. Supplier of the goods would be originating point of the transaction and he would specify, in his return, details of supply along with the recipient to whom supply has been effected. Thus, GSTR 1 becomes the base document on which the entire compliance structure would be based.
8. GSTR 1 Heads Need To Be Filed:  GSTIN of a taxable person  Name of the taxable person  Total turnover in last financial year  The period for which the return is being filed – Month & Year is available
9. GSTR 1 Heads Need To Be Filed: (Contd.)  Details of taxable outward supplies made to registered persons  Details of outward inter-state supplies made to end customer, where the value exceeds Rs.2.5 Lakhs  Details of all outward supplies made to end customers  Details of Debit notes and Credit notes
10. GSTR 1 Heads Need To Be Filed: (Contd.)  Details of export sales made  Tax liability arising out of advance receipts  Supplies made through ecommerce portals of other companies  Details of issue of invoices during tax period
11. Who should file GSTR 1?  This return is to be filed by every registered person. However, there are certain dealers who are not required to file GSTR 1.  These Dealers are: i) E-commerce Operators ii) Input Service Distributors iii) Dealers registered under Composition Scheme iv) Non- Resident Dealers
12. Due Date of Filing GSTR 1 GSTR 1 is required to be filed on or before 10th of the next month but Government decides to extend the due date of filing of GSTR-1 for month of July to Oct 10, 2017.
13. How to File GSTR 1 on Taxmann’s GST Software One Solution
14. GSTR 1 is to be filed in FORM GSTR 1 electronically through the Common Portal gst.gov.in either directly or through a Facilitation Centre notified by Commissioner. However, you may file GSTR-1 through Taxmann’s One Solution.
15. Once you migrate the invoice details to Taxmann’s One Solution in Excel or through synchronization with your pre- existing Accounting software, you can easily go ahead with the filing of GSTR 1 with GSTN as the return is generated by the software itself.
16. Please keep the following points in mind before proceeding:  Check the GSTIN code for the business.  Ensure that correct HSN/SAC codes have been entered in the invoices as well as in the returns.  Check correct Tax rate for goods or services. Verify the Tax rates at Taxmann GST Rate Finder Tool: gst.taxmann.com/gst-rate-finder.aspx.  Check if the transaction was Intra–State or Inter-State.
17. What would be the process if outward supplier are modified or deleted by the recipient?  Communication would be sent to the supplier in Form GSTR-1A for i) Supplies that have been deleted or modified by the recipient or, ii) Supplies that were not declared by the supplier but have been included in the return by the recipient
18. What would be the process if outward supplier are modified or deleted by the recipient? (Contd.)  The registered person i.e. outward supplier who has been communicated the details pertaining to the inward supplies modified, deleted or included in the return by the recipient would have to perform either of the actions on the details so communicated.  The action of accepting or rejecting the details communicated to the outward supplier shall be done on or before seventeenth day but after the fifteenth day of the month succeeding the tax period.
19. Penalty for Non-Furnishing of Return A penalty of Rs.100 per day for CGST is applicable for late filing of GST return. The penalty would be payable for the period in which the taxpayer failed to furnish the return up to maximum penalty of Rs.5000. Similarly, same penalty will also be levied under SGST law.
20. Revision of GSTR 1 GSTR-1 once filed cannot be revised. Any mistake made in the return can be altered by amendment in the next month’s return.
21. THANKS FOR READING  Go to taxmann.com/onesolution to file your GSTR 1. Get your free demo click https://www.taxmann.com/onesolution/download- demo.aspx