Under GST regime, every registered person (other than those opting for Composition Scheme) shall submit the details of their outward supplies in Form GSTR-1 by 10th of the following month. In order to prepare the form GSTR-1, following details are required to be filled:
Invoice wise details of supplies made to registered person;
Invoice wise details of inter-state supplies to unregistered person having value of more than Rs.2.5 Lakhs;
Consolidated details of supplies made to unregistered person within a state or to other states;
Debit or Credit Notes if any issued during the month for invoices issued previously;
Zero Rated Supplies i.e. Supplies to SEZ or Exports;
Details of Nil rated, Exempted or Non-GST outward supplies;
Details of any amendment to taxable outward supply as furnished above;
Details of Advances received, adjusted or refunded;
HSN wise summary of outward supplies
Details of documents (Invoice, Debit or Credit Note, Challan, Receipt Voucher etc.) issued during the tax period which includes serial no., no. of invoices issued or canceled
All these details shall be prepared based on the entry posted by the company’s accounts department and if there is any mistake in posting sales entry then it may create a situation of mismatch. This form is the basis for the filing of GST returns which requires proper attention so as to avoid waste of time and money at a later stage. The outward supplies submitted in GSTR-1 shall be directly linked with the GSTIN of the registered buyer and will reflect in its Form GSTR-2A (Provisional Purchases)
All the returns under GST shall be filed through GST Suvidha Providers (GSP) as appointed by the Government of India for facilitating the smooth filing of returns. All these GSPs have introduced their software or applications to make this task simple and convenient. Any registered person may directly upload its return through the GST Portal itself.
Relaxation in First Two Returns
There is a relaxation of 20 days for first two returns i.e. for July & August which shall be filed in Sept 2017. However, for July and August, GSTR-3B shall be filed after making due payment.