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Components of valid GST Return for Outward Supplies made by the Taxpayer (GSTR-1) :-
(As per the Report of the Joint Committee on Business Processes for GST on GST Return)
Ø This return form would capture basic details of the Taxpayer i.e. Name along with GSTIN, Period for which return pertains and Gross Turnover of the Taxpayer in the previous Financial Year.
Ø This form would have invoice-level supply information pertaining to the tax period separately for goods and services.
Ø For all B2B supplies (whether inter-state or intra-state), invoice level specified details will be uploaded.
Ø For inter-state B2C supplies ;-
o The suppliers will upload invoice level details in respect of every invoice whose value is more than Rs. 2,50,000/-.
o The address of the buyer has to be mandatorily reflected in every invoice having a value of Rs. 50,000/- or more. For invoices below 250000/-, State-wise summary of supply statement will be filed covering those invoices where there is address on record.
o Invoices for a value less than Rs. 50,000/- that do not have address on record will be treated as intra-state supply.
o In other words, State-wise summary of inter-State supply would be filed covering (a) those invoices value of which is less than Rs. 50000/- and where address is on record and (b) those invoices whose value is between Rs. 50000/- to Rs. 250000/-.
Ø For all Intra-State B2C supplies, consolidated sales (supply) details will be uploaded. However a dealer may at his option furnish invoice wise information.
Ø HSN code for goods and Accounting code for services ;-
o 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 Rs. 5 Crore.
o For taxpayers with turnover between Rs 1.5 Crores and Rs 5 Crores in the preceding financial year, HSN codes may be specified only at 2-digit chapter level as an optional exercise to start with. From second year of GST operations, mentioning 2-digit chapter level HSN Code will be mandatory for all taxpayers with turnover in previous financial year between Rs. 1.5 Crores and Rs. 5.0 Crores.
o To start with, compounding dealers may not be required to specify HSN at 2-digit level also.
o Any taxpayer, irrespective of his turnover, may use HSN code at 6- digit or 8-digit level if he so desires.
o HSN Codes at 8-digit level and Accounting Codes for services will be mandatory in case of exports and imports.
o Prescribed Accounting code will be mandatory for those services for which Place of Supply Rules are dependent on nature of services to apply the destination principle, irrespective of turnover.
Ø Details relating to supplies attracting Reverse charge will also be submitted.
Ø The supply information will also have details relating to the Place of Supply in order to identify the destination state as per the Place of Supply Rules where it is different from the location of the recipient.
Ø There will be a separate table for submitting the details of revisions in relation to the outward supply invoices pertaining to previous tax periods. This will include the details of Credit/Debit Note issued by the suppliers and the differential value impact and the concomitant tax payable or refund/tax credit sought.
Ø There will be a separate table for effecting modifications/correcting errors in the returns submitted earlier.
Ø There will be a separate table for submitting details in relation to NIL rated, Exempted and Non GST outward supplies to ( both inter-state and intra-state) to registered taxpayers and consumers.
Ø Late filing would be permitted on payment of late fees only.
Disclaimer: Though full efforts have been made to compile this article correctly, yet we are not responsible / liable for any loss or damage caused to anyone due to any mistake / error / omissions in the above and contrary views/ opinions are welcomed.