Key components of GSTR-1
This return form would capture the following information:
- Basic details of the Taxpayer i.e. Name along with GSTIN
- Period to which the Return pertains
- Gross Turnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years.
- Final invoice-level supply information pertaining to the tax period separately for goods and services which has to be submitted as follows:
- For all B2B supplies (whether inter-state or intra-state) invoice level specified details will be uploaded.
- For all inter-state B2C supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed.
- Following parameters with respect to HSN code for goods and accounting codes for services will apply for submitting the information in return relating to invoice level information.
- HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
- HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.
- Details relating to advance received against a supply to be made in future will be submitted in accordance with the Point of Taxation Rules as framed in the GST law.
- Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted.
- Separate table for submitting details of revision in relation to outward supply invoices pertaining to previous tax periods.
- Separate table for effecting modifications/correcting errors in the returns submitted earlier.
Key components of GSTR-1
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