Six days left to file GSTR-1 form for July; 11 details you need to provide

The government has collected Rs 92,000 crore from the new tax regime Goods and Service Tax (GST) in just 60 days of its roll out.

GST which was rolled out on July 1 has garnered just 38.38 lakh returns, which the government said was hardly 64% of the total expected filings.

The government said that excluding the taxpayers who have registered with the GSTNetwork in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 were 59.57 lakhs, of which, till yesterday, 38.38 lakh returns have been filed.

While the government is counting notes, it is time for taxpayers to shift to next return form. According to ClearTax, the deadline for the next GST Return form GSTR-1 for the month of July is September 5. Which means, the taxpayers have just six days to submit this form.

What is GSTR-1?

GSTR 1 is a monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. GSTR-1 has a total of 13 sections.

The GSTR 1 filed by a registered dealer is used by the government to auto populate GSTR 3 for the dealer and GSTR 2A for dealers to whom supplies have been made. GSTR-1 should be filed even if there is nil returns to be filed (no business activity) in the given taxable period.

What is important to note is that GSTR 1 once filed cannot be revised. Any mistake made in the return can be revised in the next months return. It means that if a mistake is made in September GSTR 1, rectification for the same can be made in October’s  GSTR 1.

Details of GSTR-1

On August 29, the government on its official GST twitter handle had said, “GST is a set of auto-populated returns. Only GSTR-1 is to be filed and remaining two parts would be mostly auto-populated.”

There are 11 deatails which needs to be provided while filing this form. Here are those:

1. Provide GSTIN (provisional id can also be used as GSTIN if you do not have a GSTIN)

2. Legal name of the registered person

3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total taxable supplies made. This excludes purchases on which tax is paid under reverse charge, exempt supplies and export of goods or services.

4. Taxable outward supplies made to registered persons (including UIN-holders): All B2B supplies should be mentioned in this section.

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

6. Zero-rated supplies and deemed exports: All type of zero-rated supplies, exports, deemed exports (supply to SEZ, EOUs) has to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill.

7. This section contains a rate wise summary of all sales made during the month: All sales including sales made through e-commerce operator has to be mentioned here. Also separate mention of supplies made through e-commerce operator should be declared here.

8. Nil-rated, exempt and non-GST outward supplies: All the other supplies whether nil rated, exempt or non-GST which has not been reported under any of the above needs to be reported under this head.

9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section.

10. Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: This point is for making correction to regarding details of unregistered dealers both B to B and B to C provided in earlier returns.

11. Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods.