What is GSTR-1 under GST?
GSTR 1 is the statement of outward supplies of goods or/and services supplied by a registered taxpayer during the return period. A taxpayer registered under the normal scheme must file GSTR-1 on a monthly or quarterly basis depending upon the turnover of his business.
What information is required to be reported under GSTR-1?
GSTR-1 comprises of the following details:
- GSTIN i.e. GST Identification Number of the taxpayer
- Legal Name of the business
- Aggregate Turnover of the business in the previous financial year
- Return period i.e. the month or quarter for which the return is filed
- B2B Sales – Sales made to registered taxpayers holding a valid GSTIN
- B2C Large
- Interstate sales made to unregistered persons for an invoice value exceeding Rs.2.5 lacs
- B2C Others
- Intrastate sales made to unregistered persons irrespective of the invoice value
- Interstate sales made to unregistered persons for an invoice value up to Rs.2.5 lacs
- Amendments to Sales – The taxpayer should report details of any changes in the sales invoices in the return of earlier tax period under B2B Amendments, B2C Large Amendments and B2C Others Amendments
- Credit Note / Debit Note – Notes issued for a revision in the value of invoice or revision in the amount of tax or sales return must be reported under this section
- Amendments to Notes – details of amendments made to the credit notes or debit notes reported in the return of earlier tax period
- Nil-Rated, Non-GST and Exempt supplies
- Exports – Sales made to persons outside India including Deemed Exports and SEZ Supplies
- Amendments to Exports – details of amendments made to the exports reported in the return of earlier tax period
- HSN Summary – summary of sales of goods and services categorised on basis of HSN or SAC Codes
- Document Summary – summary of invoices, notes, delivery challan etc issued and cancelled during the return period