GSTR 1 (Monthly)

1. Basic Information:

   • GSTIN (Goods and Services Tax Identification Number)
   • Legal name and trade name of the taxpayer

2. Invoice-Wise Details:

   • All outward supplies made to registered persons (B2B) including exports
   • Details of inter-state supplies to unregistered persons where the invoice value is more than ₹2.5 lakh
   • Details of intra-state supplies to unregistered persons (B2C) including supplies through e-commerce operators

3. Debit and Credit Notes:

   • Details of debit and credit notes issued to amend any sales invoices

4. Amendments:

   • Amendments made to the details of outward supplies reported in previous tax periods

5. Nil-Rated, Exempt, and Non-GST Supplies:

   • Summary of supplies that are nil-rated, exempt from GST, or outside the scope of GST

6. HSN-Wise Summary:

   • Summary of goods and services supplied, classified by HSN (Harmonized System of Nomenclature) code

Filing Process

1. Preparation:

   • Gather all invoices issued during the month
   • Collect details of debit and credit notes, if any
   • Reconcile the sales data with the books of accounts

2. Online Filing:

   • Log in to the GST portal using your credentials
   • Navigate to the ‘Services’ tab and select ‘Returns’
   • Select ‘GSTR-1’ for the appropriate tax period
   • Enter all required details and upload the invoices
   • Review and submit the return

3. Acknowledgment:

   • After submission, an acknowledgment reference number (ARN) is generated
   • The status of the return will be updated on the GST portal

Key Points to Note

• Timeliness: Ensure that GSTR-1 is filed by the due date to avoid late fees and penalties.
• Accuracy: Double-check all entries to ensure accuracy and prevent mismatches with the recipient’s data.
• Amendments: Any errors in previously filed GSTR-1 can be corrected in subsequent returns.

Consequences of Non-Compliance

• Late Fees: ₹200 per day of delay (₹100 CGST + ₹100 SGST), subject to a maximum cap.
• Interest: Interest may be charged on any late payment of GST due to the delayed filing.
• Impact on ITC: Recipients may face issues in claiming ITC due to discrepancies in their GSTR-2A and GSTR-2B.

Benefits of Filing GSTR-1

• Ensures Compliance: Regular and accurate filing helps in staying compliant with GST laws.
• Facilitates ITC: Proper reporting in GSTR-1 helps recipients claim input tax credit without issues.
• Transparency: Provides a clear record of all sales, aiding in financial management and audit processes.

In summary, GSTR-1 is a critical monthly return for GST-registered taxpayers that captures detailed information on outward supplies. Accurate and timely filing is essential for compliance, ITC claims, and overall business transparency.

• Who should file GSTR-1? Every registered taxpayer under GST, including regular taxpayers, casual taxable persons, and SEZ units and developers, is required to file GSTR-1. Taxpayers under the composition scheme, input service distributors (ISD), and non-resident taxable persons are not required to file GSTR-1.
• Frequency of Filing: Taxpayers with an annual turnover of up to ₹5 crore can opt to file GSTR-1 on a quarterly basis. Taxpayers with an annual turnover exceeding ₹5 crore must file GSTR-1 on a monthly basis.
• Details Included in GSTR-1: Basic Details: GSTIN, legal name, and trade name of the taxpayer. Outward Supplies: Invoice-wise details of all supplies made to registered persons (B2B) and unregistered persons (B2C) including exports. Debit and Credit Notes: Details of debit and credit notes issued during the month. Amendments: Any amendments to the details of outward supplies reported in previous periods. Nil-rated, Exempt, and Non-GST Supplies: Summary of all such supplies made during the period. HSN-wise Summary: Summary of goods and services supplied, classified by HSN (Harmonized System of Nomenclature) code.
• Due Date for Filing: Monthly GSTR-1: 11th of the subsequent month. Quarterly GSTR-1: Last date of the month following the quarter.
• Significance of GSTR-1: Invoice Matching: Ensures that the recipient of goods/services can avail input tax credit accurately as GSTR-1 data auto-populates into the recipient’s GSTR-2A and GSTR-2B. Compliance: Filing GSTR-1 is mandatory for all regular taxpayers, and non-compliance can lead to penalties. Transparency: Provides a clear record of all outward supplies made by the taxpayer, ensuring transparency and accountability.

1. Invoice Details:

   • Invoices issued for all outward supplies made during the month, including:
     • Invoice number and date
     • Customer's GSTIN (if registered)
     • Customer's name and address
     • Description of goods or services
     • Quantity and unit of measurement
     • Taxable value and tax rates (IGST, CGST, SGST/UTGST)
     • HSN (Harmonized System of Nomenclature) code or SAC (Service Accounting Code) for goods and services

2. Credit/Debit Notes:

   • Details of credit notes and debit notes issued during the month, specifying the original invoice numbers they relate to and the reasons for issuance.

3. Exports and SEZ Supplies:

   • Details of exports and supplies made to Special Economic Zones (SEZs), including:
     • Invoice numbers and dates
     • Shipping bill numbers (for exports)
     • Relevant export documentation

4. Amendments to Previous Returns:

   • If there are any corrections or amendments to invoices or other details from previous filing periods, documentation related to these adjustments should be prepared.

5. Nil Rated, Exempt, and Non-GST Supplies:

   • Separate reporting for supplies that are nil-rated, exempt from GST, or non-GST supplies (if applicable).

6. Digital Signature (if applicable):

   • Ensure that the GSTR-1 form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

7. Quarterly Filers (Optional):

   • For taxpayers who opt to file GSTR-1 quarterly instead of monthly, ensure that all invoice details are consolidated and accurately reported for the quarterly period.

8. Internal Controls and Procedures:

   • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations.

9. Supporting Documents:

   • While not always submitted with the return, it's essential to maintain supporting documents such as:
     • Sales registers
     • Purchase registers
     • Export documentation (if applicable)
     • Credit/debit note registers
     • Any other relevant documents that substantiate the information reported in GSTR-1