5. Press Ctrl+O from GSTR-1 report. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. Goods Return under GST Goods returned by registered buyer If goods are returned by a registered recipient, then the registered seller will issue a credit note to the buyer. Table 4 capturing information relating to B2B supplies only. GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. Consider the following transactions of a purchase and a return. GSTR 1 is a form that accounts for the outward supply of goods. At the time of entering details related to original debit note or credit note taxpayers will have to mention the invoice detail within the first three columns. To know more about GST returns, go through our other articles. No B2C supplies would be provided under table 4 of GSTR – 1. GSTR 1 and GSTR 3B- Difference between GSTR 1 and GSTR 3B - … In case of revision of a credit note or debit note the information of actual debit note or credit note needs to be mentioned in the other three columns of the table. If the goods receiver has already taken actions as per the details furnished by you then you are not allowed amend such invoice. Then such invoice can be added upto due date of filing of return of GSTR-3B of September, 2020, i.e. We only shoe ITC in GSTR 3b and not the purchases. But it’s mandatory to file GST CMP-08 for taxpayers under composition scheme or who opted for benefit of N/No. GSTR 1  –The monthly return (in some cases quarterly) containing the details of outward supplies made during the period. Further, If your aggregate turnover is exceed during financial year, GST portal will automatically convert your quarterly return into monthly return and you have to file all GSTR-1 from beginning to till date for that financial year. As per the notification, the taxpayers who have failed to file the GSTR-1 for the period of July-2017 to November 2019 but have successfully filed GSTR-1 return with all the correct details within the period of 19th December 2019 to 10th January 2020 will be waived from the late fee payable under section 47 of the CGST act. Limited Period Offer Avail 25% Off in CA Final and CA Inter and 40% in CA IPCC subjects.Coupon- CA25 & CCIIPCC40 Call: 088803-20003, Querist : 100 SGST. All data which is filled in GSTR 1 return will be automatically be arise in GSTR-2A return here you can tally the details to get the inputs for that specified period 3. 20th October, 2020, or date of filing of annual return, whichever is earlier. However,such late fees have been reduced to Rs. It's mean the suppliers is not shown the details the receiver can be show the details in his GSTR2***, Transportation of Display materials from dealer shops, Accounting For Changes in Partners in LLP, Repayment of Loan to its Director by Private Limited Company, Filing of 3B and 1 for business which is under RCM, Society related taxation and individual member taxation, How can treated Damage Stock Marine Claim Received. . Supplies effected via e-commerce dealer attracting tax collection at source under the section 52 of the Act under Table 4C. In Table 6A and 6B under the heading of  “ without payment of tax ” taxpayers choose this option only in case of where IGST payment is not done (under Letter of Undertaking (LUT) or Bond). Anonymous, India's largest network for finance professionals. Q.6 – Is it possible for a registered taxpayer to avail ITC on Form GSTR 3B for the invoices which are not yet uploaded by the supplier in Form GSTR 2A? Once selected, option can’t be changed during the year. Essentially, it is a return showing all the sales transactions of a business. So, you need to file the GSTR-1 on a quarterly or monthly basis in addition to GSTR-3B. 11 in GSTR-1 statement for earlier tax periods to be provided under table – 11B. However, under the GST regime, this process has become online. We are fully in agreement with your view. The due date for filing the GSTR 1 return will be the 13th of the consecutive month in the … You need to provide the HSN Code as per given turnover slab. 4. you have not considered an invoice in GSTR-1 of January, 2020. Casual taxpayers, non- resident taxpayers, ISDs and persons authorized to deduct/collect tax at source are not required to file annual return. 2,50,000. Negative value can be mentioned in this table, if required. GSTR-1: If GSTR-1 is filed after the Due Date then a late fee of Rs. Select Yes or No based on your turnover to file Monthly or Quarterly returns. Details related to supplies to registered person furnished in Table 4. Further, suppliers with aggregate turnover of more than 1.50 crores but less than 5 crores may furnish HSN wise summary upto 2 digits.3. GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. When you make purchases from registered vendors, the information from their sales returns (GSTR-1) will be available in the GSTN portal as GSTR-2A for you … What is GSTR 1? It contains details of all outward supplies i.e. Only in case of amendment in  exports transactions taxpayers have to provide shipping bills. This means that any individual that is involved in the journey the supply of goods needs to specify details pertaining to the supply and the recipient too. The seller must declare the credit note in the GSTR-1 of the month in which it was issued. Taxpayers Need to Provide Tax Rate wise detail for following: All the supplies except the one related to reverse charge/ done through any e-commerce dealer under Table 4A. However, business entities with aggregate turnover upto 1.5 crore have an option to file GSTR-1 on quarterly basis. Under the pre-GST regime, in many cases, departmental authorities were needed to obtain confirmation from suppliers to check authenticity of purchase invoice and also buyer had no option to check whether supplier has paid his output liability properly or not or whether he has uploaded his invoice details or not. Following are the details you need to submit while filing return through GSTR-1: Table – 1, 2 and 3 capture basic detail of registered person filing return. This section requires you to furnish all the information related to the invoices uploaded in the tax period, revised invoice, credit notes, debit notes etc. 2. 2/2019-Central tax (Rates), every quarter. The taxpayers who are under the threshold limit to 1.5 crores will … If you’ve got further queries, get in touch with our experts or comment in the box below. If it is purchase for you and you return the goods, you need to provide these details (Debit Note) only in GSTR 2. Industries with aggregate turnover more than Rs. But both types of amendment come with their own limitations. You will have to enter the total Turnover in the last Financial Year. The due dates of filling GSTR-1 are clearly based on your business turnover. You can drill down on each row to view the details. GSTR 1 is a monthly return of outward supplies if a person has entered into a transaction of supply of goods, then there must be someone who would be the recipient of the supply of goods. How to Claim GST Refund, Filing GSTR-1 & GSTR-3B - Grainmart … 4, 5, 6 and 7 under table 11B. All supplies done to an unregistered person within the state needs to be reported here irrespective of invoice value. In case of Nil return the late fees leviable comes to Rs.20 per day (Rs.10 CGST Fees+Rs.10 SGST Fees). Furnish details related to the advance amount you have received in the tax period for which yet the invoice has not been issued  under table 11A. Amendment of information furnished in Table No. Therefore, it will be left blank. The Place of Supply to be provided under this table. Thanks for your revert. GSTR-2A return is a auto-populated return which contains details of all inward supplies of goods and services (Purchases made from registered suppliers during a tax period). Sales Return in GST - Question & Answer on GST Sale Return … However, businesses with aggregate turnover up to 1.5 crores have an option to file the return on quarterly basis.. However, GSTR-1 contains invoice wise and party wise details of outward supply. However , a small issue is cropping up when such purchase return is being made to Un-Registered / Party under Compound Levy . But, we are advising you to upload the invoices at a regular interval, because bulk upload consumes a lot of time while filing GSTR-1. Shipping bill wise detail along with the date of the bill to be provided under Table – 6. When to file GSTR-1. Outward supplies liable to reverse charge will be reported here. Supplies made via e-commerce shall be provided separately along with GSTIN number of each e-commerce. You will have to submit this information in the case of the first year return filing only. It includes actual details of debit or credit note issued and report of amendment done to the details furnished in the earlier tax periods. As a supplier when you file GSTR 1 with party wise and invoice wise details, such sales reflect in GSTR-2A of corresponding buyer as purchase and they become entitled to take credit on such amount. Click Services > Returns > Returns Dashboard . 74/2019 – Central Tax Date of Notification Published: 26th December 2019) to waive off the amount of late fee. Time limit of rectification and considering left out invoices is same as mentioned in point no. Yes, if you have failed to consider any invoice in GSTR-1 of earlier period, then you can consider the same in current month. If any taxpayer fails to file GSTR 1, a late fee will be applicable worth of Rs. This provision is related to transition from pre-GST regime to GST Regime. Blog » Goods and Service Tax » GST Returns » Quick Guide on GSTR-1 Return Filing: Essential Facts You Need to Know. SAHAJ SUGAM Currently GSTR3B and GSTR1 are to be filed by taxpayers This will be soon replaced by 3 New GST Returns GST NORMAL RETURN (MONTHLY/QUARTERLY) GST SAHAJ RETURN GST SUGAM RETURN Click Here to Learn It does not constitute professional advice or recommendation of firm. Industries with aggregate turnover more than Rs. Following amendments are not permitted or non-permitted under GSTR-1: a. In the table 11 you need to furnish the following details. It will auto-populate post login at GST portal, Name of the registered taxpayer. Table 7B captures details of supplies to unregistered person for all supplies made outside the state. Yes, it is mandatory to enter HSN wise summary by all suppliers in case of return filing through GSTR-1 Subject to following exemptions: 1. It will auto-populate post login at GST portal, If the registered person has any trade he needs to enter that here. Separate information for inter-state supplies and intra-state supplies to be provided. GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. Suppliers with aggregate turnover of more than 5 crores may furnish HSN summary upto 4 digits. HSN / SAC code is optional however description of goods is mandatory in this case. 1.5 crore, will have to file the GSTR-01 return on a monthly basis. 50 per day (INR 25-CGST & INR 25 SGST) and Rs. The first step in matching purchase invoices with the GSTR 3B return filed is to compare the purchases available in your books with respect to GSTR 2A (available on GST portal) of the respective return period. The contents of this article are solely for informational purpose. Supplies to unregistered persons where invoice value is more than 2,50,000 and supplies made outside the state. Supplies made with e-commerce dealer shall be provided separately along with GSTIN number of each e-commerce. Registrations of entities under Micro, Small and Medium enterprises (“MSME”) is increasing every day due to various benefits being offered by the government for MSMEs, CBIC highlighted  that detailed procedures are provided for processing of Department ligitations. Enter the Place of Supply only if the same is different from the region from where the recipient belongs. No tax has to be paid after filing this return. Furthermore, the outward supplies will be autopopulated in the GSTR 2 of the purchaser and the amount of tax will be input tax credit for the purchaser. Starting 1 January 2021, small taxpayers with aggregate turnover of less than 5 crores can file quarterly GSTR 1 and GSTR 3B. How to treat purchase Return under GST? This table requires you to furnish all the mentioned supplies (Inter-State & Intra- State) to registered and unregistered person related to exempted supplies, Non-GST supplies and Nil rated supplies. All the taxpayers and businesses who are registered under GST should file a GSTR 1 except for the followings-. Based on your turnover, the due dates of filing GSTR-1 vary. It will auto-populate post login at GST portal, Aggregate Turnover in the foregoing Financial Year. You need to submit the following details under table 5 of Form GSTR-01. All the supplies that attracts reverse charge under Table 4B. Late fees will be counted from the due date to the date of filing GSTR 1. Thus no need to show it anywhere. There is full leverage provided for uploading invoices. Alongside, rate wise information to be provided under this table. Exemption is given to supplier having aggregate turnover of less than 1.50 crores from requirement of furnishing HSN wise summary,. The GSTR-01 return contains details about outward supplies. No, you don’t have to file GSTR-1. Currently, One of the hot questions in relation to GSTR-3B is that if any invoice data gets missed while filing return, then what shall be the implication? This table shall contain a summary with the details of supplies made against a specific HSN code. In case where there are no changes in IEC details same are also needs to be confirmed online. 2,50,000. DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. A few days later she returned goods to the extent of 48,000. The GSTR-01 return contains details about outward supplies. E.g. 200 per day of delay. Taxpayers need to provide rate wise detail for the following: Note: In case details of the shipping bill is not available, you can leave that blank. However, you can consider such invoice only upto due date of filing of GSTR-3B of September month of the following year or date of filing of annual return, whichever is earlier. Supplies made via e-commerce attract TCS under section 52 of the Act under Table 4C. Place of Supply only if the location is different from the region from where the recipient belongs. Based on your turnover, the due dates of filing GSTR-1 vary. In the recent Notification No. All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Advance amount received in previous tax period and adjusted against the supplies being shown in this tax period in Table Nos. Rate wise information to be provided under table 11 of GSTR – 1. How to show Sales Return and Purchase Return in GSTR 3B? The sub-section (1… Amendments of supplies with respect to following: Taxable value net of debit/ credit note raised in a particular tax period and information pertaining to previous tax periods which was not reported earlier, shall be furnished in Table 10. Taxpayers have to provide the invoice wise details in the designated fields, The sales of the taxpayers’ business cover supplies to unregistered persons , registered persons , credit Notes, debit notes, export, amendment to sales detailed given in earlier, Taxpayer liable to collect TCS and deduct TDS, Suppliers of OIDAR (Online Information and Database Access or Retrieval). For export transactions, the recipient GSTIN will not be available. Answer - If any amount in respect of any invoice is missed while filing GSTR-3B say for the month of July, then you have the option to further furnish the detail of the invoice at time of filing GSTR-1 and GSTR-2 for the month of July. In the proposed system of new GST Return filing, a normal taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam), on either a monthly (only GST RET-1) or quarterly basis. Log in to the GST portal. All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of any profit gained or lost in a month. 50 per day is levied till the date the return is filed. Earlier there was an RCM for purchases from URD but that is removed. If a recipient is liable to pay GST on RCM basis then such recipient shall not disclose his inward supplies liable to RCM in this table. Goods Return Under GST | Purchase Return Procedure- QuickBooks Such invoices should be reported in the subsequent month’s GSTR-1. From then it will get auto-populated. 2. The GSTR 1 form is a return form for the regular taxpayers who have to file details of outward supplies on every 11th of next month for those who cross the turnover more than 1.5 crores annually. | by Jayendra Gaonkar | … At the beginning of every Financial Year, you need to select whether you want to file GSTR-1 on monthly basis or quarterly basis as per your aggregate turnover of preceding year and expected turnover of current year. The Place where the supply is made, which is mandatory to mention in this case. Now the scenario is changed, You dont need to show the purchases anywhere unless covered under the RCM. It’s time for signing off! Let’s understand it in detail. Annexure of Supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) will be filed as part of these returns. However, in case of export and import of goods 8 digit HSN summary is mandatory, Read more about Various Returns under GST. Government has released a notification (Notification No. State-wise information to be provided for supplies made outside the state under Table 7B. Supplies with SEZ unit or SEZ developer / exports / deemed exports furnished in Table 6; Rate wise Information needs to be furnished here. Pls guide me...... 28 December 2017 If it is purchase for you and you return the goods, you need to provide these details (Debit Note) only in GSTR 2. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon. Outward supplies to unregistered person other than the supplies via e-commerce dealer, Operator wise and rate wise supplies via e-commerce dealer where tax collected at source, Furnish all the details of supplies relating export under Table 6A, Supplies made to SEZ Developer or SEZ unit under Table 6B, Under table 6C supplies relating to Deemed export. Rate wise detail to be provided In table 7. This section provides a summary of all transactions recorded in the reporting period. Below we have all the details you will have to describe under table 1, 2, and 3. sales. In this case, output tax liabilities will be increased for registered person. Yes, you have to file GSTR-1 even if you had no business in a month or a quarter under a tax period. File GSTR-1 returns 1. All the taxpayers liable to file GSTR-01 on a monthly basis need to fill the form by 11th of the following month of the filing date of the return. Treatment in case of sales return:-Section 34 of CGST Act 2017 prescribes provisions related to sales returns. Therefore, those details must have to be the same with the detail of the associated invoice. Ms. Sunanda purchased goods from the organisation on credit for 65,000. Gstr-1 credit/note purchase return. GSTIN, reverse charge applied is clearly based on the Invoice associated with the detail. details of sales are filed with the government. This is a monthly, or sometimes quarterly, return that you have to file to account for the same with regards to your business. Businesses having aggregate turnover of INR 1.5 crore or more need to file GSTR-1 on monthly basis . Filing GSTR-3B is a simple summary of computation of GST Liability on monthly basis. 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