The Goods and Services Tax (GST) is a comprehensive indirect tax that has replaced several indirect taxes in India. GST is a destination-based tax that is levied on every stage of the value chain of goods and services. One of the critical aspects of GST compliance is the filing of GST returns. There are various types of GST returns that a registered taxpayer needs to file. In this article, we will focus on GSTR-1, one of the most critical returns that need to be filed under the GST regime.
What is GSTR-1?
GSTR-1 is a monthly or quarterly return that captures the details of outward supplies made by a registered taxpayer. In simple terms, GSTR-1 is a summary of all sales made by a registered taxpayer during a given period. It is essential to file GSTR-1 accurately and on time as it forms the basis for various other returns, including GSTR-3B, GSTR-2A, and GSTR-2B.
Who needs to file GSTR-1?
All registered taxpayers who have an annual turnover of more than Rs. 1.5 crores need to file GSTR-1 every month. However, taxpayers with an annual turnover of up to Rs. 1.5 crores have the option to file GSTR-1 every quarter.
What are the details required in GSTR-1?
The following are the essential details that need to be provided in GSTR-1:
- Details of the taxpayer: The name, address, and GSTIN of the registered taxpayer.
- Details of outward supplies: The details of all outward supplies made during the period, including the invoice number, date, value, and GSTIN of the recipient.
- Details of export supplies: The details of all export supplies made during the period, including the invoice number, date, value, and GSTIN of the recipient.
- Details of credit notes and debit note: The details of all credit notes and debit notes issued during the period.
- Details of advances received: The details of all advances received for which invoices have not been issued during the period.
- HSN summary: The summary of the Harmonized System of Nomenclature (HSN) codes of all the goods and services supplied during the period.
- Documents issued during the period: The details of all invoices, credit notes, and debit notes issued during the period.
How to file GSTR-1?
Here’s a step-by-step guide on how to file GSTR-1:
Step 1: Log in to the GST portal The first step is to log in to the GST portal using your login credentials.
Step 2: Click on the ‘Services’ tab Once you have logged in, click on the ‘Services’ tab and select the ‘Returns’ option.
Step 3: Choose ‘Returns Dashboard’ Next, click on the ‘Returns Dashboard’ option, and select the financial year and the return filing period for which you want to file GSTR-1.
Step 4: Click on ‘Prepare Online’ or ‘Prepare Offline’ You have the option to either prepare the return online or offline. If you choose to prepare the return online, click on ‘Prepare Online’. If you prefer to prepare it offline, you can download the offline utility tool and prepare the return offline. Once you have completed preparing the return, you can upload it on the GST portal.
Step 5: Fill in the required details Once you have chosen the method of preparation, fill in the required details in GSTR-1. This includes details such as GSTIN, legal name, and trade name. You will also need to provide details of all outward supplies made during the tax period, including details of sales invoices, debit notes, and credit notes.
Step 6: Preview and submit the return Once you have filled in all the details, preview the return to ensure that all the details are correct. After reviewing the return, click on the ‘Submit’ button. Once you have submitted the return, a message will be displayed on the screen confirming the successful submission of the return.
Step 7: File GSTR-1 Finally, click on the ‘File GSTR-1’ button. You will be asked to confirm that you want to file GSTR-1. Click on ‘Yes’ to file the return.
ConclusionÂ
In conclusion, filing GSTR-1 is an important compliance requirement for businesses registered under GST. It is important to file the return accurately and on time to avoid penalties and interest. Following the above-mentioned steps will help taxpayers file their GSTR-1 return smoothly and efficiently.
Frequently Asked Questions:
Q:1 What is GSRT-1?
A: GSRT-1 stands for “Goods and Services Tax Return – 1”. It is a form that needs to be filed by registered taxpayers who are required to pay Goods and Services Tax (GST) in India.
Q:2 Who needs to file GSRT-1?
A: Any business or individual registered under GST in India and liable to pay GST needs to file GSRT-1.
Q:3 How often do I need to file GSRT-1?
A: GSRT-1 needs to be filed monthly by regular taxpayers.
Q:4 What information do I need to file GSRT-1?
A: You will need to provide information such as your GSTIN (Goods and Services Tax Identification Number), your total sales, the amount of GST you collected, the input tax credit you claimed, and the amount of tax you need to pay.
Q:5 What is the due date for filing GSRT-1?
A: The due date for filing GSRT-1 is the 20th of the following month. For example, the GSRT-1 for January needs to be filed by the 20th of February.
Q:6 Can I file GSRT-1 after the due date?
A: Yes, you can file GSRT-1 after the due date by paying a late fee. The late fee is Rs. 50 per day for Central GST (CGST) and Rs. 50 per day for State GST (SGST), so the total late fee is Rs. 100 per day.
Q:7 Can I revise my GSRT-1?
A: Yes, you can revise your GSRT-1 if you have made any errors or omissions. The revised return needs to be filed within the prescribed time limit.
Q:8 How can I file GSRT-1?
A: GSRT-1 can be filed online on the GST portal (www.gst.gov.in) or through an offline utility. You can also use the services of a GST Practitioner to file your return.
Q:9 What happens if I don’t file GSRT-1?
A: Failure to file GSRT-1 can result in penalties and interest charges. Additionally, you may lose your GST registration if you fail to file the return for a consecutive period of three months.
