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Important things to know about GSTR-1

2 - Important things to know about GSTR-1

GSTR-1 is a monthly or quarterly tax return that all registered taxpayers must complete. It covers all information on outbound supplies made within that taxable period. It consists of all sales for a particular period. E.g. GSTR-1 of June 2022 will include all sales-related things. 

Who is responsible for GSTR-1 filing?

Regardless of whether they conducted any business during that period, all GST-registered suppliers are obliged to file GSTR-1. Since there is a specific GSTR-1 format for GSTR-1 filing, therefore all businesses have to go under the same. 

GST Portal is where you may file your return. 

Dealers enrolled under the composition scheme, input service providers. A taxable individual who is not a resident of the United States. Taxpayers who must collect TCS and TDS, as well as providers of online information, database access, or retrieval services, are excluded from submitting GSTR-1.

When does GSTR-1 have to be submitted?

There is an option for businesses with a turnover of up to Rs. 1.5 crores to file the GSTR-1 every quarter. Businesses with a turnover of more than Rs.1.5 crore would be required to file monthly filings. If you choose the monthly return filing option, you must file your GSTR-1 by the 11th of the next month. For example, the 11th of February 2022 is the final day to file GSTR-1 for January 2022. Registered taxpayers who have chosen to file their GSTR-1 quarterly must do so by the last day of the month following the quarter. The GSTIN of the taxpayer, as well as the taxpayer’s name and other information, are all included in a GSTR-1.

Level 1: GSTR-1

The outbound supplies made to GST-registered customers are detailed in the first section. Details of supplies to registered dealers based on tax invoices. Charged with a tax (CGST, SGST, IGST).

The next part covers information on external supplies worth more than Rs.2.5 lakhs made to unregistered purchasers. It might also include what the vendor has done on a monetary basis.

All credit and debit notes are provided to anyone who has registered. After that, there’s an area where you may input any credit and debit notes issued to unregistered people. 

All credit and debit notes are provided to anyone who has registered. After that, there’s an area where you may input any credit and debit notes issued to unregistered people. Details for zero-rated supplies are on the invoice. Details on how to export zero-rated goods.

Level 2: GSTR-1

  • The number of tax liabilities that must be stated about advances received.
  • Advances declared in the prior period have been adjusted.
  • An overview of outbound supply from HSN.
  • Outward supplies that are nil rated, exempted, or not subject to GST.
  • The entire amount of all numbers for external supplies to unregistered purchasers.
  • A list of invoices, credit and debit notes, and other papers issued throughout the era, together with their serial numbers.
  • Once a GSTR-1 return is submitted, it cannot be changed. Any errors in the return can be corrected in the next period’s return.

As a result, a GSTR-1 return includes sections for amending data from prior periods’ returns, such as revised B2B invoices, amended B2C invoices, amended debit/credit notes, amended tax liabilities, and so on.

Taxpayers can make corrections to any data that was mistakenly filed in past periods under these provisions.

GSTR-1's benefits

The government created the GSTR-1 return to keep track of outbound shipments made by a registered individuals. Details are to be revealed invoice-by-invoice in this return, allowing the recipient of these invoices to claim the credit based on the details declared by the supplier. Therefore, it is important to file GSTR-1 so that the buyer can claim the input tax that he/she has given to the supplier. 

From the government’s perspective, this assures that only genuine input tax credits are claimed, and that data is not falsified, as each invoice is connected to a unique GSTIN.

A taxpayer will find it simpler to make the yearly return if they prepare an accurate GSTR-1 every month. They won’t have to wait until the end of the year to reconcile the returns with the books of accounts.

Final Words

I hope, I gave you some insights about GSTR-1 and delivered it in the best possible way. 

DO SHARE THIS ARTICLE with your friends or family who are not aware of GSTR-1.  You can tweet out your thoughts by tagging me @rajatinr on Twitter.

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Rajat Negi

Compound Investor (Who loves to talk to stock)
Digital Marketer (Who loves to make brands)

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