financial services

Essentials of GSTR-1

According to the Guidelines provided by the GST Council, a registered taxpayer is required to follow a standard return filing process. This process involves 3 forms namely GSTR-1, GSTR-2 and GSTR-3, which are to be filed in the different timelines.

 

Recently, the deadline to file GSTR-1 for July 2018 to September 2018 has extended to 31st October 2018. The Businesses that have an annual turnover of up to Rs. 1.5 Crore, are required to file quarterly GST returns. Before you file GSTR-1, here are some of the details, that you must know about GSTR-1.

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What is GSTR-1?

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GSTR-1 form is a statement, in which a regular dealer captures all the output supplies made in a month. Basically, the GSTR-1 form requires the registered taxpayer to provide the details of all the outward supplies made to registered businesses (B2B) to be captured at the invoice level, and supplies made to unregistered businesses or end consumers to be captured at rate-wise level. However, there are certain exceptions where, even the B2C transactions are required to be captured at invoice level.

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When is the right time to File GSTR-1 Form?

GSTR-1 Form is available on the official GST Portal since July 2017, this step was taken for the early preparation and to ease the process of GSTR-1 filing,

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