New Reporting Requirement of GSTR 1 from January 2024
Learn about the latest reporting updates in the Goods and Services Tax Return-1 (GSTR-1) form, effective from January 2024. Notification no 26/2022, dated 26th December 2022, introduced two crucial tables, Table 14 and Table 15, impacting suppliers involved in E-commerce transactions. Despite their announcement in December 2022, these tables were not immediately available on the GST portal. However, they are now accessible starting from January 2024 returns.
Table 14 Overview
Table 14 is essential for suppliers engaged in transactions through E-commerce Operators. It comprises two sections:
Table 14(a): Details of Supplies Subject to TCS
Suppliers report supplies made via E-commerce Operators, such as Amazon or Flipkart, where the tax is payable by the supplier. These sales are already included in other sections of GSTR-1 (Table 4 to 11), and the corresponding amounts are to be reported here. For example, if a supplier’s total B2C sales for January 2024 amount to Rs. 1,00,000, with Rs. 40,000 made through Amazon, the entire Rs. 1,00,000 is reported in Table 7 (B2C sales), and Rs. 40,000 is included in Table 14. The data from Table 14(a) isn’t auto-populated into GSTR 3B as it’s already accounted for in Table 7.
Table 14(b): Details of Supplies Subject to E-commerce Operator Tax
Suppliers of services report transactions made through E-commerce Operators for services notified under section 9(5), such as Passenger transport, accommodation, and restaurant services. For instance, if a person orders food worth Rs. 1,000 from Restaurant X via Swiggy, Swiggy charges tax (e.g., 5%) and pays it to the government. Restaurant X reports this sale only in Table 14(b) as it’s not liable to pay tax on these sales. The data from Table 14(b) is auto-populated into Table 3.1.1(ii) of GSTR 3B for reporting purposes, as tax payment is handled by the E-commerce Operator.
Table 15 Overview
Table 15 is for E-commerce Operators liable to pay tax under section 9(5) on notified services. It consists of four parts:
(i) Registered supplier to registered recipient
(ii) Registered supplier to unregistered recipient
(iii) Unregistered supplier to registered recipient
(iv) Unregistered supplier to unregistered recipient
E-commerce Operators report sales made by suppliers through their platform, where tax is paid by the E-commerce Operator. These transactions align with those reported by suppliers in Table 14(b) of their GSTR-1. The values from Table 15 are auto-populated into Table 3.1.1(i) of GSTR 3B for tax payment.
Conclusion
The introduction of Tables 14 and 15 in GSTR-1 facilitates cross-checking between sales reported by suppliers through E-commerce Operators and the deemed sales reported by E-commerce Operators themselves. This measure aids in identifying and addressing revenue leakages. Taxpayers are advised to review their data meticulously before filing GSTR-1 to prevent future notices.
To Access the Related CBIC Notification 26/2024 CLICK HERE
To Access the Related GSTN Advisory 621 CLICK HERE
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