Quick Guide on GSTR 1 Filing

GSTR-1 is a month-to-month/quarterly return that is required to be filed by every registered provider in India. The GSTR-01 return consists of details about outward supplies.

Based on your turnover, the due dates of submitting the GSTR-1 range. Industries with aggregate turnover extra than Rs.1.5 crore will record the GSTR-01 return on a month-to-month foundation. However, corporations with aggregate turnover up to 1.5 crores have a choice to record the go back on the quarterly foundation.

1. Features of GSTR-1 Form

• All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of any earnings won or misplaced in a month. 
• All the taxpayers at risk of report GSTR-01 on a month-to-month basis want to fill the shape by eleventh of the following month of the submitting date of the return.
• Taxpayers should provide the bill smart details in the designated fields
• The sales of the taxpayers’ enterprise cover materials to unregistered persons, registered persons, credit Notes, debit notes, export, an amendment to sales detailed given in advance GST go back.

2. Significance of GSTR-1

Under the pre-GST regime, in lots of cases, departmental authorities have been needed to achieve confirmation from providers to test the authenticity of purchase bill and also consumer had no choice to check whether a provider has paid his output liability well or not or whether or not he has uploaded his bill info or no longer

However, under the GST regime, this method has grown to be online. As a supplier when you document GSTR 1 with celebration clever and bill smart info, such income mirror in GSTR-2A of the corresponding purchaser as buy and that they come to be entitled to take credit score on such quantity

3. Who should file GSTR-1

All the taxpayers and businesses who are registered under GST have to record a GSTR 1 besides for the followings-

• Input Service Distributor
• Composition Dealers
• Non-resident Taxable Person
• Taxpayer liable to collect TCS and deduct TDS
• Suppliers of OIDAR  

4. Due Date and Penalty for GSTR-1

The due dates of filing GSTR-1 are truly based totally on your commercial enterprise turnover. Businesses having a mixture turnover of INR 1.5 crore or more need to file GSTR-1 on monthly basis. However, business entities with aggregate turnover up to at least one.5 crore has an option to report GSTR-1 on a quarterly foundation.

5. Quarterly GSTR-1 Filing: Annual Turnover up to Rs.1.5 Crore 

6. Monthly GSTR-1 Return: Annual Turnover More than Rs.1.5 Crore

If any taxpayer fails to file GSTR 1, a past due rate could be applicable really worth of Rs.200 in step with a day of putting off. Rs. One hundred for CGST and Rs. One hundred SGST. Late fees can be counted from the due date to the date of filing GSTR 1.

However, such late fees have been decreased to Rs. 50 per day (INR 25-CGST & INR 25 SGST) and Rs. 20 (INR 10-CGST & INR-10 SGST) per day for nil returns.

The government has released a notification (Notification No. 74/2019 – Central Tax Date of Notification Published: 26th December 2019) to waive off the amount of late fee. As per the notification, the taxpayers who have failed to file the GSTR-1 for the period of July-2017 to November 2019 but have successfully filed GSTR-1 return with all the correct details within the period of 19th December 2019 to 17th January 2020 will be waived from the late fee payable under section 47 of the CGST act.

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