GST rollout: Get ready to file GSTR-1 from next month; here are the steps

Goods and Service Tax (GST) has been smoothly rolled out starting from July 1. With this implementation, now the taxpayers will need to file eight returns monthly and one annual return and one quarterly basis. 

This will include forms which are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

The most common used return will be GSTR 1, 2,3, 4 & 9. GSTR 1, GSTR 2 and GSTR 3 is required to be filed on monthly basis, GSTR 4 is required to be filed on a quarterly basis whereas GSTR 9 should be filed on an annual basis.

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GST Network (GSTN) on Friday launched an offline Excel-based format for traders and businesses to upload sales data on the GST portal, a PTI report said. The Excel template, comprising eight worksheets, is part of GSTN’s approach to make tax compliance easy and convenient for taxpayers and also reduce the time of compliance.

As per the GST law, a return of all sales or trade made in a month have to be filed online by the 10th of the following month.

This Excel template can be downloaded from the GST common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis, the report had mentioned.

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In the excel sheet, the businesses would have to give details of transaction, like supply invoices issued to registered taxpayers, export invoice details, consolidated details of supplies to consumers, credit/debit note details to registered/unregistered taxpayers and details of documents issued.

According to the GST law, every registered taxable person is required to submit the details of outward supplies in the GSTR-1. This return is required to be filed within 10 days from the end of the tax period, or the transaction month (in simple words).

GSTR-1 has a total of 12 headings. However, the taxable person need not worry as most of these will be prefilled. 

Here are 12 section headings under GSTR-1:

1. Name of the taxpayer
2. Gross turnover of the taxpayer in the previous FY
3. Taxable outward supplies made to registered persons (including UIN-holders) other than supplies covered by Table 6
4. Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs 2.5 lakh

5. Zero-rated supplies and deemed exports

6. Taxable supplies (net of debit notes and credit notes) to unregistered persons other than the supplies covered in Table 5

7. Nil-rated, exempt and non-GST outward supplies

8. Amendments to taxable outward supply details

9. Amendments to taxable outward supplies to unregistered persons

10. Consolidated statement of advances received/advance

11. Harmonized System of Nomenclature for goods-wise summary of outward supplies

Here the taxable person will consolidate all his supplies across HSN codes. This section will also reflect high-level information on supplies made and IGST, CGST and SGST collected against it.

12. Documents issued during the tax period