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Published on:
February 25, 2023
By
Harshini

Details to be Mentioned in GSTR-1 Return

GSTR-1 return is a monthly or quarterly return that is required to be filed by every registered person under the Goods and Services Tax (GST) regime. In this return, taxpayers need to provide a summary of their outward supplies (sales) made during the period for which the return is being filed. In this article, we will discuss in detail the details that need to be mentioned in the GSTR-1 return.

Overview of GSTR-1

GSTR-1 is a return that must be filed by all registered taxpayers. It is a summary of all the outward supplies (sales) made by the taxpayer during the period for which the return is being filed. The return must be filed on a monthly or quarterly basis, depending on the turnover of the taxpayer. The due date for filing GSTR-1 is the 10th of the following month for monthly filers and the 13th of the following month for quarterly filers.

Details to be Mentioned in GSTR-1

The following are the details that need to be mentioned in the GSTR-1 return:

1. GSTIN

The GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit identification number assigned to every registered person under GST. The GSTIN of the taxpayer must be mentioned in the GSTR-1 return.

2. Name of the Taxpayer

The name of the taxpayer must be mentioned in the GSTR-1 return. The name should be the same as mentioned in the registration certificate.

3. Period for which the Return is being Filed

The GSTR-1 return must be filed for a specific period, either monthly or quarterly. The period for which the return is being filed must be mentioned in the return.

4. Details of Outward Supplies

The GSTR-1 return must contain details of all outward supplies made by the taxpayer during the period for which the return is being filed. This includes details such as invoice number, date of invoice, the value of the invoice, the rate of tax, and the amount of tax charged.

5. HSN Code

HSN (Harmonized System of Nomenclature) code is a system of classification of goods and services. Taxpayers are required to mention the HSN code for all goods and services supplied. This helps in identifying the correct rate of tax applicable to the goods and services.

6. Place of Supply

The place of supply is the place where the goods or services are delivered or made available to the recipient. Taxpayers need to mention the place of supply for all outward supplies made during the period for which the return is being filed.

7. GST Liability

The GSTR-1 return must also contain details of the GST liability for the period. This includes the total value of outward supplies made during the period, the taxable value of such supplies, the total amount of tax charged, and the total amount of tax payable.

Conclusion

GSTR-1 return is an important return that must be filed by all registered taxpayers. The return contains details of all outward supplies made by the taxpayer during the period for which the return is being filed. Taxpayers need to ensure that all details are accurately mentioned in the return to avoid any penalties or fines.

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Updated on:
March 16, 2024