GSTR 1- Meaning, due date, eligibility, late fees and format
A Guide to GSTR 1
In this post, we will discuss GSTR-1 and its other aspects. We will cover the following topics in this post:
What is GSTR-1?
The GSTR-1 is a monthly or quarterly return (based on the taxpayer’s annual turnover) that must be filed by every registered dealer. In general, GSTR-1 is a return containing information about sales and other outward supplies. As a supplier, GSTR-1 is important since the Input Tax Credit that your recipient receives relies on your timely and accurate filing.
If you have made no outward supplies for the past month, you must file a NIL GST GSTR-1 return.In the case of the composition scheme, taxpayers are not required to file this return and should instead use GST form CMP-08 to make payment.
Who should file GSTR-1
GSTR-1 must be filed by all registered persons regardless of whether transactions occurred during the period.From the first week of July 2020, nil GSTR-1 filers can file via SMS.
The following registered persons are not required to file GSTR-1:
- Input Service Distributor (ISD): If your company bills for the services utilised by your branches, you are considered an input service distributor for the purposes of GST.
- Composition Dealer: Businesses with an annual turnover of up to 1.5 Crores can choose the composition plan as of April 1, 2019. These companies are excluded from submitting GSTR 1.
- Non-Resident Taxable Person: As a non-resident taxable person, your business is also exempt from filing GSTR 1
GSTR-1 due date
The GSTR-1 due dates are depending on the turnover. GSTR-1 returns must be filed monthly or quarterly, depending on the business turnover.
Information about the GSTR 1 due date for traders with turnovers up to 1.5 crores and those with turnovers over 1.5 crores.
Below are the deadlines for filing GSTR-1:
Turnover Up To 1.5 Crore (Quarterly)
|
Period |
Last date of filing |
|
October-December 2022 |
13th January 2023 |
|
July – September 2022 |
13th October 2022 |
|
April – June 2022 |
13th July 2022 |
|
January – March 2022 |
13th April 2022 |
|
October – December 2021 |
13th January 2022 |
|
July – September 2021 |
13th October 2021 |
|
April – June 2021 |
13th July 2021 |
Note:
- “For taxpayers having nil tax liability in GSTR-3B or nil outward supplies in GSTR-1, the late fee to be capped at Rs 500 (Rs 250 CGST + Rs 250 SGST).”
- “Extension of the due date of filing GSTR-1/ IFF for the month of May 2021 by 15 days.”
Turnover More Than 1.5 Crore (Monthly)
|
Period |
Last date of filing |
|
December 2022 |
11th January 2023 |
|
November 2022 |
11th December 2022 |
|
October 2022 |
11th November 2022 |
|
September 2022 |
11th October 2022 |
|
August 2022 |
11th September 2022 |
|
July 2022 |
11th August 2022 |
|
June 2022 |
11th July 2022 |
Prerequisites for filing GSTR-1
- You must be a registered taxpayer and should have an active GSTIN during the tax period for which GSTR-1 has to be furnished.
- To access the GST Portal, the taxpayer must have correct and valid login credentials (i.e., user ID and password).
- The taxpayer should have an active and non-expired / revoked digital signature (DSC), in case the digital signature is mandatory;
- In any case, the taxpayer wants to use EVC, they must have access to the registered mobile number of the primary Authorised Signatory.
How to file GSTR-1 form Online
A registered business must furnish the following details of outward supplies on the GSTR-1 form.
Table 1, 2 & 3: GSTIN, legal and business names, and total annual revenue from the previous year
Table 4: Taxable outgoing supplies to registered individuals,including UIN holders, omitting zero-rated supply and deemed exports
Table 5: Taxable interstate transfers made to unregistered individuals if the invoice total exceeds Rs. 2.5 lakh.
Table 6: Supplies that are zero-rated as well as regarded exports
Table 7: Taxable services provided to unregistered individuals other from those covered under table 5 (net of debit notes and credit notes)
Table 8: The type of outgoing supplies that are zero-rated, exempt, or not subject to GST
Table 9: Updates to taxable outward supplies recorded in tables 4,5 and 6 of the GSTR-1 return for preceding tax periods (including debit notes, credit notes, refund vouchers issued during the current period)
Table 10: Debit note and credit note issued to unregistered person
Table 11: Details of advances received, adjustments made, or updates to information reported during the prior tax period.
Table 12: Summary of external suppliers based on HSN codes
Table 13: Documents issued during the period.
Documents Required for Filing GSTR-1
The following papers must be provided for submitting GSTR-1:
- A valid Goods and Services Tax Identification Number (GSTIN)
- Digital Signature Certificate that is valid (not applicable if you wish to e-sign using Aadhaar)
- You must submit your Aadhaar number if you want to e-sign the form.
Late Fees and Penalty
If you fail to file your GSTR-1 return by the due date, you will be charged a late fee as per the following rate. Additionally, interest will be charged on the outstanding tax amount at 18% per annum.
|
GST liability |
Late fee |
|
In case of zero GST liability |
₹20 per day |
|
In all other cases |
₹50 per day |
Our discussion on GSTR-1 has come to an end. Please share your thoughts and ideas with us in the comments box below.
