Last day for filing GSTR-1 return for July 2017; Key details to remember

Industrialists and exporters have only few hours in hand now for filing their GSTR-1 returns for the month of July 2017, after when the Ministry of Finance made it clear that there will be no extension in the due date. 

GSTR-1 is a monthly return that summarizes all outward supplies by normal and casual registered taxpayers. 

The ministry said, "An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately."

Due date for filing GSTR-1 for July month was revised to October 10, 2017 and for dealers having turnover more than Rs 100 crores was set on October 03, 2017. 

By end of October 09, it was known that 39 lakh businesses had filed the final sales returns or GSTR-1 out of 53 lakh who are scheduled to submit the tax form.

Ministry mentioned if a taxpayer fails to file GSTR-1 on the fixed deadline, then his buyer may face difficulty in availing ITC of the tax paid on his supplies. 

"It is therefore advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course," added ministry. 

As per the 22nd GST council meet held on October 06, businesses with annual turnover up to 1.5 crore will submit quarterly returns - thus their taxes will be paid quarterly. Switch over to quarterly will happen from Oct-Dec 2017 cycle.

GSTR-1 has a total of 13 sections. It contains details of all sales  transactions of a registered dealer for a month. 

Once, a taxpayer files for GSTR 1, the government utilizes the information to auto populate GSTR 3 for the dealer and GSTR 2A for dealers to whom supplies have been made. 

This form needs to filed,  even if the registered dealer has nil returns to be filed (no business activity) in the given taxable period.

There are 11 deatails which needs to be provided while filing this form. Here are those:

1. Provide GSTIN (provisional id can also be used as GSTIN if you do not have a GSTIN)

2. Legal name of the registered person

3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total taxable supplies made. This excludes purchases on which tax is paid under reverse charge, exempt supplies and export of goods or services.

4. Taxable outward supplies made to registered persons (including UIN-holders): All B2B supplies should be mentioned in this section.

5. Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5  lakh  

6. Zero-rated supplies and deemed exports: All type of zero-rated supplies, exports, deemed exports (supply to SEZ, EOUs) has to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill.

7. This section contains a rate wise summary of all sales made during the month: All sales including sales made through e-commerce operator has to be mentioned here. Also separate mention of supplies made through e-commerce operator should be declared here.

8. Nil-rated, exempt and non-GST outward supplies: All the other supplies whether nil rated, exempt or non-GST which has not been reported under any of the above needs to be reported under this head.

9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section.

10. Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: This point is for making correction to regarding details of unregistered dealers both B to B and B to C provided in earlier returns.

11. Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods.

However, GSTR - 1 is not applicable a list of resgistered dealers. 

• Input Service Distributors
• Composition Dealers
• Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
• Non-resident taxable person
• Tax payer liable to collect Tax Collected at Source (TCS)
• Tax payer liable to deduct Tax Deducted at Source (TDS) 

After filing for GSTR-1, it cannot be revised. If you have made any mistakes in the return, then you can only revise it in the next month. For example if a mistake is made in July GSTR 1, rectification for the same can be made in August's GSTR 1.