GST: What Details Need To Be Furnished To Fill GSTR-1 Form?

GST or goods and services tax finally became a reality on July 1. In the run-up to the mega launch of GST, while various departments of the government worked to provide a seamless transition to the new indirect tax system, the Central Board of Excise and Customs addressed several frequently asked questions (FAQs) pertaining to many segments. The CBEC clarified on many topics, from Form GSTR-1 and Import-Export Code to composition scheme and GST registration. The CBEC, under the purview of the Department of Revenue, said traders will have to fill Form GSTR-1 (for outward supplies made in a month) by the 10th of the next month.

It also said that traders not opting to pay tax under the composition scheme need to file returns on a monthly basis.

Here are some other queries addressed by the CBEC:

Which details need to be furnished to fill Form GSTR-1?

The details to be entered in the return of outward supplies Form GSTR-1, made by the trader depend upon the nature of supplies made. The provisions are as follows:- Intra-State supplies to consumers (B2C supplies) - tax-rate wise summary; Inter-State supplies to consumers (B2C supplies) of value up to Rs. 2.5 lakh - State-wise and tax-rate wise summary; Inter-State supplies to consumers (B2C supplies) of value above Rs. 2.5 lakh - specified invoice wise details; Supplies to resellers (B2B) - specified invoice-wise details.

Will all traders necessarily have to register under GST?

A trader dealing only in exempted goods or where his turnover is below Rs. 20 lakh in the financial year (but not engaged in inter-State supplies) is not required to register under GST.

Are monthly returns required to be filed by a trader not opting to pay tax under the composition scheme?

Traders not opting to pay tax under the composition scheme need to file returns on a monthly basis. Form GSTR-1 is to be filled for outward supplies made by the trader (made in the month for which return is being filed) by the 10th of the next month. Other parts of the return Form GSTR-2 and Form GSTR-3 are auto-populated and only needs to be verified and submitted by the 15th and the 20th of the next month respectively.

When will a trader have to pay tax?

A trader, if registered under GST, will have to pay tax on a monthly basis on or before 20th of the succeeding month. A person who has opted for composition levy will have to pay tax on quarterly basis on or before 18th of the month succeeding the quarter relating to supplies.

Can traders get the credit of IGST paid at the time of imports for discharging their domestic liabilities under GST? If yes, how?

Yes. Under GST, traders will be on par with manufacturers. IGST paid at the time of import will be available as credit which can be used for payment of taxes on further supplies. GSTIN would be used for the purpose of credit flow of IGST on import of goods and refund of IGST paid in case of export.

Under GST, will traders be required to declare their Import-Export Code (IEC) at the time of imports and exports?

For the time being, both GSTIN (Goods and Services Tax Identification Number) and IEC have to be declared. But over a period of time, traders need to declare only their GSTIN instead of IEC at the time of imports and exports.