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GSTR -1 Some Basics

Goods and Services Tax - GST - By: - CA Akash Phophalia - Dated:- 25-1-2016 - Background The Joint Committee on Business Process for GST on GST return has given its report stating various returns to be filed by the different taxpayers alongwith the periodicity of filing of returns. GSTR -1 prescribes the details to be furnished by the taxpayer in relation to outward supplies effected by it for the relevant period. In this article the author has tried to summarize the components, periodicity and .....

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e permitted on payment of late fees only. Components of the return This return form would contain the following information: 1. Basic details of the Taxpayer i.e. name along with GSTIN 2. Period to which the Return pertains i.e. month and year. 3. Gross Turnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years. 4. Final invoice-level supply information pertaining to the tax p .....

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state supply, invoices value of which is less than ₹ 50,000/- and where address is on record will be uploaded under State-wise summary, invoices value of which is in between ₹ 50,000/- to ₹ 2,50,000/- will be uploaded under State-wise summary, invoices value of which is more than ₹ 2,50,000/- will be uploaded invoice -wise. (iii) The recommendation of the Committee on IGST and GST on Imports with respect to the details about HSN code for goods and Accounting code for serv .....

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ll be used for satisfying this condition). (b) For taxpayers with turnover between ₹ 1.5 Crores and ₹ 5 Crores in the preceding financial year, HSN codes may be specified only at 2-digit chapter level as an optional exercise to start with. From second year of GST operations, mentioning 2-digit chapter level HSN Code will be mandatory for all taxpayers with turnover in previous financial year between ₹ 1.5 Crores and ₹ 5.0 Crores. (c) Any taxpayer, irrespective of his turn .....

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eters with respect to HSN code for goods and Accounting Code for services will apply for submitting the information in return relating to relevant invoice level information for B2B supplies (both intra-state and inter-state) and inter-state B2C supplies (where taxable value per invoice is more than ₹ 2.5 lakhs). It is proposed that in the return form the description of goods and services may not be required to be submitted by the taxpayer as the same will be identified through the submissi .....

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or services), consolidated sales (supply) details will be uploaded. However a dealer may at his option furnish invoice wise information in respect of exempted and nil rated supplies also. (vi) The supply information will also have details relating to the Place of Supply in order to identify the destination state as per the Place of Supply Rules where it is different from the location of the recipient. (vii) Details relating to supplies attracting Reverse charge will also be submitted 5. The deta .....

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