If your business is registered under GST, then it is important for you to file GST returns without fail. These returns specify the income details of your business. The amount of tax that is necessary for your business to pay to the government is calculated accurately based on the GST returns that you file. You must know that GSTR-1 is the first and one of the necessary forms when it comes to filing GST returns.
This is because the details that you provide in the GSTR-1 form are used as a base for all other GST returns filing forms. These details get auto-populated in the other GST return forms. To get more details, keep reading.
What is GSTR-1?
GSTR-1 is a monthly or quarterly GST return filing form that acts as a base for all other GST returns filing forms. It contains the details of all outward supplies or sales that a business has made.
Eligibility to file for GSTR-1
All GST-registered businesses should file GSTR-1. It is important to know that even if there is no sale in a month, then too GSTR-1 should be filed.
Who is exempted from filing GSTR-1?
You are not required to do GSTR-1 filing under following conditions:
1) If your business is registered under the composition scheme provided by GST, then you are a Composition Dealer and you are exempted from filing GSTR-1.
2) If you get invoices for services that are used by your business’ branches, then you fall into the category of Input Service Distributor and you do not require to file GSTR-1.
3) It is not needed to file GSTR-1 If you deal with a business wherein you are a supplier of retrieval services or database access and online information.
4) You fall under category of non-resident taxable individuals if you import goods or services from outside India. In this scenario, there is no need for you to file GSTR-1.
5) If you have the liability to collect tax at source (TCS) or deduct tax at source (TDS), you are exempted from filing GSTR-1.
Know GSTR-1 format
GSTR-1 contains 13 important fields or tables in which your outward supplies or sales details are needed to be filled. Have a look at these details through the table below:
| Table | Entries |
| Table 1, 2 and 3 | Details of GSTIN and aggregate turnover of the former year. |
| Table 4 | Taxable outward supplies to registered business owners (dealers) including those holding Unique Identification Number and excluding deemed exports and zero-rated supplies. |
| Table 5 | Taxable outward supplies made inter-state to unregistered dealers. In this, the invoice value should be less than 2.5 lakhs. |
| Table 6 | All zero-rated supplies and deemed exports. |
| Table 7 | Total taxable supplies to unregistered dealers. This should not include supplies that are mentioned in table 5. |
| Table 8 | Nil-rated, exempted, and non- GST outward supplies made. |
| Table 9 | Any changes that are taxable in the outward supplies, reported in table 4, 5 or 6 in the previous tax period of GSTR-1 returns. This also includes debit/credit notes and refund vouchers for the outward supplies of the current tax period. |
| Table 10 | Credit/debit note details that are issued to unregistered persons. |
| Table 11 | Details of advances received or adjusted in the current tax period and any amendments of information in the previous tax period. |
| Table 12 | HSN-wise summary of all outward supplies. |
| Table 13 | Details of all the invoices that are issued during the tax period. For example – invoices, credit/debit notes, etc. |
Note: Please know that you require GST compliant invoices to file GSTR-1.
Steps to file GSTR-1 Online
These steps will help you to file GSTR-1 online on the GSTN portal:
1) Visit the GSTN portal.
2) Login using your ID and password.
3) Under the ”Services” drop-down menu, click on ”Returns.”
4) From the ”Returns” dashboard, select the desired month for which you want to file a GSTR-1 return.
5) Select ”details of outward supplies of goods or services.”
6) Select ”prepare online.”
7) Fill in the details of the sections and click on the ”Yes” button to upload invoices for the specified period of GSTR-1 filing. (Refer to the table above).
8) Double-check all the details for accuracy and the click on ”Submit” button to proceed ahead.
9) Press the ”File GSTR-1” button.
10) Click on ”Yes” button to confirm your returns.
11) Digitally sign the document to complete the process and receive an Acknowledgement Reference Number (ARN)
It is essential to file GSTR-1 returns on time and with utmost care. Failing to do so will impact the smooth functioning of your business as filing GSTR-1 incorrectly can bring you heavy fines. Today, there are mobile apps in the market which can help you to not only create and store GST-compliant invoices but also file GSTR-1 easily. MyBusiness is one such mobile GST Billing app. It helps you receive your payments faster, download GSTR reports, file GSTR-1 and do much more. Explore today!