SUB GST p7.1

What is GSTR-1?

2 May 2020

About

GSTR-1 is a monthly or quarterly, based on the option opted by the taxpayer, return that should be filed by every registered dealer. It contains the details of all outward supplies(sales).

GSTR-1 must contain the details of all sales and supply of goods and services made by the taxpayer during the tax period.

The due dates for filing GSTR-1 are turnover based.

Businesses having supply/turnover of up to Rs. 1.5 crore have the option to file quarterly returns.

Businesses with turnover/supply above Rs. 1.5 crores have to file return monthly.

Annual Turnover up to Rs 1.5 crore must file quarterly filing

Quarter

Due date

Oct-Dec 2018

31st January 2019

Jan- Mar 2019

30th April 2019

Monthly GST Return

 Those having Annual Turnover of more than Rs 1.5 crore must file return monthly

Period

Dates

December 2018

11th January 2019

January 2019

11th February 2019

February 2019

11th March 2019

March 2019

11th April 2019

 GSTR-1 needs to be filed by every registered person whether there are any transactions during the month or not.

Following are the registered persons who are exempt from filing the return:

• Input Service Distributors

• Composition Dealers

• Taxpayer liable to collect TCS

• Taxpayer liable to deduct TDS

• Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)

• Non-resident taxable person

Revised Return

Return once filed cannot be revised. Any mistake made in the return can be only rectified in the next period’s return. It means that if there is any mistake made in GSTR-1 of  June, the rectification of the same can be made in GSTR -1 of  July.

Late Fees and Penalty

Late Fees for not filing GSTR-1 is Rs. 200 per day. (Rs. 100 as per the GST Act and Rs. 100 as per the CGST Act. The late fees will be charged from the date next to the due date and will continue to be levied until the failure continues.

 The late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return)

Prerequisites for filing GSTR-1

• One must be a registered taxpayer under the GST Act with a 15-digit PAN-based GSTIN.

• EVC (electronic verification code) received on the registered phone is used to verify the return or by using a digital signature certificate (of class 2 or higher). GST returns can also be authenticated using an Aadhar based e-sign.

• You need to keep detailed invoices with unique serial numbers for all of your transactions, including intra-state as well as inter-state transactions, and business-to-business (B to B) as well as retail (B to C) sales. This also includes transactions associated with exempted and non-GST supplies, and stock transfers between your business locations in different states.