What is GSTR-1 & How to file GSTR-1

What is GSTR-1 & How to file GSTR-1 Penalty for Outward?

GSTR-1 is a monthly or quarterly return that should be filed which accounts for the outward supply of goods and services. Every registered dealer is liable to file GSTR-1.

The following registered persons are exempted from filing the return:

Input Service Distributors
Composition Dealers
Non-resident taxable person
Taxpayer liable to deduct TDS
Taxpayer liable to collect TCS
Suppliers of online information and database access or retrieval services, who have to pay tax themselves (as per section 14 of the IGST Act)

Late Fees and Penalty

GSTR-1 is not a tax filing form but GSTR-1 has a due date by which it needs to be filed. If you do not submit GSTR-1 before the due date you will need to pay a penalty of amount Rs 50 or Rs 20 per day. If you have nil returns to file and you filed your GSTR-1 after the due date then you have to pay the penalty of Rs 20 per day. The penalty of Rs 50 per day is applicable if you have invoices of outward supplies and delay filing the GSTR-1.

GSTR-1 RECENT NOTIFICATION

CBIC waives late fees for non-filing of FORM GSTR-1 from July 2017 to November 2019 Notification No. 74/2019 - Central Tax Dated: 26th December 2019. Taxpayers can file their pending GSTR-1, dated July 2017 to November 2019 without any late fees as CBIC waives late fees for non-filing of FORM GSTR-1 for the above mentioned time period.

The Government plans to take a number of steps if the pending GSTR-1 is not filed on or before 10.01.2020 such as blocking of E-way bill, etc.

This is for the recipients to encourage their suppliers to file their GSTR-1 in time as it is important that the credit taken by the recipients in their GSTR-3B matches with the details reflected in their GSTR-2A.

Further CBIC has extended the due date to 17.01.2020 from 10.01.2020 giving one more chance for clearing the backlog of pending GSTR-1.

Notification No. 74/2019 - Central Tax Dated: 26th December 2019

Notification No. 04/2020 - Central Tax Dated: 10th January 2020

17 Jan

Akash Rai

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