Detail analysis of GSTR-1


0

Section 37(1) of the CGST Act, 2017 read with Rule 1 of the Returns Rule, 2017

Every registered person, other than an ISD, non-resident taxable person and a person paying tax under provisions of section 10 or section 51 or section 52, shall furnish, electronically in such a form and manner as may be prescribed, the details of outward supplies goods or services or both effected during the tax period on or before the 10th day of the month succeeding the said tax period and such details shall be communicated to the recipient of the said supplies within such time and in such manner as may be prescribed.

Provided that the registered person shall not be allowed to furnish the details of outward supplies during the period from the 11th day to the 15th day of the month succeeding the tax period.

Provided further that Commissioner may, for reasons to be recorded in writing, by notification, extend the time limit furnishing such details for such class of taxable persons as may be specified therein.

Provided also that any extension of time limit notified by the Commissioner of State tax or Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.

 Analysis:-

  1. Such details of outward supplies of Goods or Services or both to be filled electronically by using common portal.
  2. It can be filled directly by registered person or through a Facilitation Centre notified by Commissioner.
  3. The last date of filling of GSTR-1 is 10th of the month succeeding the tax period.
  4. GSTR-1 return cannot be filled from 11th day to the 15th day of the month succeeding the tax period.
  5. Such time limit of furnishing return can be extend by Commissioner.
  6. HSN wise outward supplies of Goods and SAC wise outward supplies of services to be fed in the GSTR-1 return if turnover exceeding of Rs. 1.5 Crore.
  7. Detail of outward supplies include the following:-
  • Invoice wise detail:

(a) Outward supplies made to inter-state and intra-state registered persons.

(b) Outward supplies made to inter-state unregistered person if single invoice value more than 2.5 lakhs rupees. (Large Invoice)

(c) Zero rated supplies

(d) Amendment in the invoices can be done.

(e) Debit and credit note detail.

  • Consolidate Figure:-

(a) Outward supplies made to unregistered person

(b) Exempted Supplies

(c) Non GST Outward Supplies

  1. Form GSTR-1 is to be filled by registered taxable person other than the following persons:-
  • Input Service Distributor (ISD)
  • Non-resident taxable person
  • A registered taxpayer who opt Composition Scheme
  • Government authority, Local authority, Government agency or such person as may be mandated by the Government to deduct TDS under section 51.
  • E-commerce operator liable to collect TCS under section 52.

 


Like it? Share with your friends!

0

0 Comments

Your email address will not be published. Required fields are marked *