This is Ravi Verma, in this article, I will tell you about the question and answer of GSTR-1
- What is GSTR-1?
In GSTR-1 we give a summary of all our sales so that the government can know how much tax we have collected which we have to submit to the government.
- Who is required to file the GSTR-1?
All such taxpayers who have taken registration under GST and they are selling every month, whether of goods or services, in this case, it becomes necessary to file GSTR-1.
- Is GSTR-1 filing mandatory?
Yes, It is necessary for everyone to file GSTR-1, whether they have sales or not, it is necessary to file the return, if no one does this, then the government imposes a penalty.
- What are the available modes of preparing GSTR-1?
GSTR-1 can be prepared using the following modes:
A. Online entry on the GST Portal
B. Uploading of invoice and other GSTR-1 data using Returns Offline Tool
C. Using third party application of Application Software Provider (ASPs) through GST Suvidha Providers (GSPs)
- What details have to be furnished in GSTR-1?
The following details of a tax period have to be furnished in 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 equal to INR 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 effected to the reported information for either of the above categories.
. Nil-rated, exempted, and non-GST supplies
. HSN/SAC wise summary of outward supplies
- Which type of registered taxpayers are not required to file the GSTR-1?
The following taxpayers are not required to file GSTR-1:
1. Taxpayers under the Composition Scheme (Return to be filled by them in GSTR 4)
2. on-resident foreign taxpayers (Return to be filled by them in GSTR 5)
3. Online information database and access retrieval service provider (Return to be filled by them in GSTR 5A)
4. Input Service Distributors (ISD) (Return to be filled by them in GSTR-6)
5. Tax Deducted at Source (TDS) deductors (Return to be filled by them in GSTR 7)
6. E-commerce operators deducting TCS (Return to be filled by them in GSTR 8)
- For which class of Taxpayers is DSC mandatory for filing returns?
DSC is mandatory in the case of all Public & Private Limited Companies, Limited Liability Partnerships (LLPs), and Foreign Limited Liability Partnerships (LLPs).
- What is the due date for filing the GSTR-1?
For normal taxpayers due date to file GSTR-1 for a given tax period is the 11th day of the succeeding month and small taxpayers with turnover up to 1.5 crores are required to file GSTR-1 quarterly, And small taxpayers file all their B2B invoices on the 13th of every month with the help of the IFF.
- What is the meaning of ‘Total Invoice Value’ in GSTR-1?
The Meaning of Total Invoice Value is Taxable Value + GST = Total Invoice Value.
- Different Between Total Invoice Value and Taxable Value?
Total Invoice Value means = Taxable Value + Tax
and invoice value = only the value of the goods or service which does not include tax.
- Can I enter details of Goods and Services in the same invoice?
Yes, you can enter your goods and services in the same Invoice except under the CUMP scheme because under this scheme company provides the bill of supply, not the tax bill.
- What are B2B Supplies?
when a registered person is purchased goods/services from another registration person then this type of supply is business to business supply(B2B).
- What is meant by B2C Supplies?
when an unregistered person purchases goods/services from another registration person then this type of supply is called business to customer supply(B2C).
- What are Debit Notes?
When a registered company sells any goods/services to any other registered company and if the goods/services are not received according to the invoice, then that registered company issues a debit note to the other registered company, and with the help of this, he takes the money into its credit ledger.
- What are Credit Notes?
When a registered company buys goods/services from another registered company and supplies them by mistake at a lower rate, in this case, the other company issues credit to him.
- Whether purchases from unregistered person, which are subject to reverse charge, for which the recipient issues a tax invoice, is required to be reported ?
All the purchases from an unregistered person, which are subject to reverse charge, for which the recipient issues a tax invoice are to be reported in GSTR-2 (and not in GSTR-1).
- Do I need to upload the invoice details at the time of filing GSTR-1?
Taxpayers can upload invoice details any time during the tax period and not just at the time of filing of GSTR-1.
- What is the meaning of B2C large invoice?
It means the B2C invoice value is More than 2.5lakh then this invoice is to enter in this column.
- All Amendmend record Details?
When we need to amend an invoice in our GSTR-1, we can easily amend it by going to the amendment column.
- What is the due date for the payment of monthly tax liabilities for normal taxpayers?
As a normal taxpayer, the due date for payment of tax is the 20th of every month.