The GST department introduced a new tax rate of 6% on specific goods vide Notification No. 02/2022 dated 31st March 2022. This new rate of tax was made applicable from 1st April 2022.
GSTR 1 is a monthly or quarterly statement of outward supplies furnished by a registered taxpayer. This return contains the invoice-wise details of the outward supply like HSN/SAC, tax rate, invoice date, etc. This return includes a separate row for every tax rate.
Earlier, the GSTN issued an advisory for April 2022 to report the 6% outward supply and tax in the 5% tax rate because of the absence of the 6% tax rate column.
The GSTN issued a new advisory dated 1st June 2022. It has updated Form GSTR 1, and the required tax column of 6% has been added. However, while reporting the HSN details in table 12, the outward supply of 6% shall be added along with the 5% tax rate. The 6% tax rate in this table will be soon added.
The contents of the advisory are:
- It may be noted that a 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12. In case your outward supplies attract 6% tax rate, you are required to upload the details against 6% tax rate in the item details section.
- In respect to HSN table 12 of form GSTR-1, 6% tax rate shall be added shortly. Meanwhile, you may report the HSN details of supplies attracting 6% tax rate under tax rate of 5% by updating the values/tax amounts as per the actual supplies made by you.
The author is the founder of M/s Puja Sharma and Associates, a Chartered Accountant firm in Jaipur. The team of professionals at the firm drive technology-enabled service offerings. Our internal and external processes are driven by technology at every stage.
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