Goods and Services Tax (GST) return is a document that contains the details of a taxpayer’s income, purchases, and taxes paid, which needs to be filed with the GST authorities periodically. It is a way to inform the tax authorities about the amount of GST liability, the input tax credit claimed, and other related details for a specific period.
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GSTR-1 is a type of GST return that contains the details of all the outward supplies made by a registered taxpayer during a particular period. Outward supplies refer to the sales made by the taxpayer to other businesses or consumers. In GSTR-1, a taxpayer is required to provide information on the details of the goods or services supplied, the value of the supplies, and the amount of tax collected on those supplies.
What is Form GSTR-1? Who is required to file Form GSTR-1?
GSTR-1 is to be filed on a monthly or quarterly basis, depending on the taxpayer’s turnover. It is an essential document as it forms the basis for the recipient’s input tax credit claim. The information provided in GSTR-1 is also used to verify the correctness of the recipient’s input tax credit claim, thereby ensuring the proper implementation of the GST system.
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In other words, Form GSTR-1 is a monthly/quarterly statement of outward supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.
Every registered taxable person, other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52 is required to file Form GSTR-1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal (https://www.gst.gov.in/).
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When can you Opt-in for Quarterly Return option for filing of Form GSTR-1 return?
You can opt for Quarterly filing of Form GSTR-1 under following condition:
- If your turnover during the preceding financial year was up to Rs. 5 Crore or
- If you are registered during the current financial year and expect your aggregate turnover to be up to Rs. 5 Crores
Note: In case you have chosen Opt-in for Quarterly Return option, you need to file both Form GSTR-1 and Form GSTR-3B quarterly only.
Is Form GSTR-1 filing mandatory?
Form GSTR-1 needs to be filed even if there is no business activity (Nil Return) in the tax period.
Form GSTR-1 can be filed as a nil return if there are:
- No outward supplies (including supplies on which tax is to be charged on reverse charge basis, zero rated supplies and deemed exports) during the month or quarter, for which the return is being filed for.
- No Amendments to be made to any of the supplies declared in an earlier form.
- No Credit or Debit Notes to be declared / amended.
- No details of advances received for services is to be declared or adjusted.
- Previous month’s return GSTR-1 and GSTR3B is to be filed.
Which class of taxpayers can file Nil Form GSTR-1?
Nil Form GSTR-1 can be filed by any regular taxpayer, casual or SEZ unit/developer who is eligible to file form GSTR-1, provided the necessary pre-conditions are satisfied.
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When can I file Nil Form GSTR-1 for a tax period?
A taxpayer can file Nil Form GSTR-1, from 1st of the subsequent month of the tax period onwards. For example, Form GSTR-1 for the calendar month of April, can be filed from 1st May onwards. Form GSTR-1 for the quarter of April to June can be filed from 1st July onwards.
What details have to be furnished in Form GSTR-1?
The following details of a tax period have to be furnished in Form GSTR-1:
- Invoice level details of supplies to registered persons including those having UIN;
- Invoice level details of Inter- State supplies of invoice value greater than Rs. 2,50,000 to unregistered persons (consumers);
- Details of Credit/Debit Notes issued by the supplier against invoices;
- Details of export of goods and services including deemed exports (SEZ);
- Summarised state level details of supplies to unregistered persons (consumers);
- Summary Details of Advances received in relation to future supply and their adjustment;
- Details of any amendments affected to the reported information for either of the above categories;
- Nil- rated, exempted, and non-GST supplies; and
- HSN/SAC wise summary of outward supplies.
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Which type of registered taxpayers are not required to file the Form GSTR-1?
The following taxpayers are not required to file Form GSTR-1:
- Taxpayers under the Composition Scheme
- Non-resident foreign tax payers
- Online information database and access retrieval service provider
- Input Service Distributors (ISD)
- Tax Deducted at Source (TDS) (deductors); and
- E-commerce operators collecting TCS
How can you file Nil Form GSTR-1?
On page File Nil Form GSTR-1, select the check box and then click the FILE STATEMENT button to file the Nil Form GSTR-1.
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What are the available modes of preparing Form GSTR-1?
Form GSTR-1 can be prepared using the following modes through:
1. Online entry on the GST Portal.
2. Uploading of invoice and other Form GSTR-1 data using Returns Offline Tool.
3. Using third party application of Application Software Provider (ASPs) through GST Suvidha Providers (GSPs).
