The Goods and Services Tax council has set guidelines for the standard return filing process that a registered taxable person or entity needs to follow. You need to file the return for outward supplies with the GSTR 1 form.
It needs to be filed every month by a registered dealer with details of outward supplies for the month. Registered businesses with an annual turnover of more than Rs. 1.5 Crore can also opt to file tax returns with this form quarterly.
Check out the following guide to file returns of outward supplies on the Goods and Services Tax portal.
Stepwise guide for GSTR 1 filing –
Step 1 – Log in with necessary details
As the first step to filing returns through this form, you need to log in to the GST portal with your necessary credentials which include your username and password.
Step 2 – Open the returns dashboard
After logging in to the portal, go to services and click on ‘returns’ tab. It will direct you to the returns dashboard which takes you to its return filing page.
Step 3 – Choose the FY and month concerned to file the returns
On this page, you need to select the financial year and month for which you have to file the return from the drop-down menu and search for it. Choose an online mode for convenient filing.
Step 4 – Uploading invoices
To proceed with the online filing, fill in the following details.
- Turnover in aggregate for the previous FY
- Turnover in total for the month you are filing this return
For the latter, you also need to upload your invoices of outward supplies for the month, which can be divided under different sections.
- B2B invoices in 4A, 4B, 4C, 6B and 6C
- Large invoices of B2C – 5A and 5B
- Registered credit and debit notes – 9B
- Unregistered credit and debit notes – 9B
- Invoices for exports – 6A
Further, fill in other necessary details which are as follows.
- B2C others – 7
- Supplies that are nil rated – 8A, 8B, 8C and 8D
- Advances received on tax liability – 11A (1) and (2)
- Advance adjustment – 11B (1) and (2)
- Outward supplies summary (HSN-wise) – 12
- Documents issued – 13
Step 5 – Submit the details
Once you have uploaded all the invoices and filled in other necessary details required in the form, proceed by clicking on the ‘Submit’ button.
Step 6 – Initiate the filing
After you have submitted the details, the information provided by you will be verified. After it is completed, click on the ‘file GSTR 1’ tab to initiate filing.
Step 7 – Verify with E-signature
To complete this procedure, provide your digital signature. Confirm your decision to file the return by clicking for the ‘yes’ option on a pop-up that appears.
Step 8 – Receive acknowledgement
Once you have successfully filed this return, you will receive its confirmation through ARN or Acknowledgement Reference Number.
It completes the procedure of filing your outward supplies GST return through form 1.
Although it’s necessary for every taxable business to file for this return, many of them are yet to understand why the return is filed. It is advisable that you know what is GST and why it is necessary to file for this return so that you can efficiently manage available finances. Knowing the amount of GST payable will also help you plan for any additional finances like a business loan to maintain healthy cash flow in the company. You can thus proceed by borrowing the required funds from reputed lenders like Bajaj Finserv.
Now you can conveniently proceed to file your outward supplies return with the guide given above. Make sure you understand form GSTR 1 for easy filing.