Introduction to GSTR-1
GSTR-1 is a monthly or quarterly return that needs to be filed by registered taxpayers under the Goods and Services Tax (GST) system in India.
The purpose of this return is to provide details of all outward supplies or sales made by the taxpayer during the return period. In this blog, we will discuss everything you need to know about GSTR-1, including its due dates, format, and filing procedure.
Due dates for filing GSTR-1
The due date for filing GSTR-1 depends on the turnover of the taxpayer. For taxpayers with an annual turnover of up to Rs. 1.5 crores, GSTR-1 needs to be filed on a quarterly basis, while for taxpayers with a turnover of more than Rs. 1.5 crores, it needs to be filed monthly. The due date for filing GSTR-1 is the 11th day of the following month for monthly filers, and the 13th day of the following month for quarterly filers.
Format of GSTR-1
GSTR-1 is divided into 13 sections, each of which requires the taxpayer to provide specific details related to their sales. The sections are as follows:
- GSTIN: The GSTIN of the taxpayer filing the return.
- Name of the taxpayer: The legal name of the taxpayer.
- Outward supplies made to registered taxpayers: Details of all sales made to other registered taxpayers.
- Outward supplies made to unregistered taxpayers: Details of all sales made to unregistered taxpayers.
- Zero-rated supplies and deemed exports: Details of all zero-rated supplies made by the taxpayer, including exports and deemed exports.
- Advances received: Details of all advances received against future supplies.
- Adjustments of advances: Details of any adjustments made to advances received in previous periods.
- HSN summary of outward supplies: A summary of all sales made by the taxpayer, classified according to the Harmonized System of Nomenclature (HSN).
- Documents issued: Details of all invoices and other documents issued during the return period.
- Amendments to taxable outward supply details: Details of any amendments made to previously filed GSTR-1 returns.
- Credit/debit notes issued: Details of any credit or debit notes issued during the return period.
- Nil rated, exempted and non-GST outward supplies: Details of all sales made that are either exempted from GST or not taxable under GST.
- Export sales: Details of all sales made by the taxpayer that are considered as exports under GST.
Filing procedure for GSTR-1
GSTR-1 can be filed online through the GST portal. To file GSTR-1, the taxpayer needs to log in to the GST portal using their credentials and navigate to the ‘Returns’ section. From there, they need to select the GSTR-1 form and fill in the required details for each section.
Once all the details are filled in, the taxpayer needs to review the return and submit it. After submission, an acknowledgment receipt will be generated, which can be downloaded for future reference.
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Importance of GSTR-1
GSTR-1 is an essential return that provides the government with detailed information about the sales made by registered taxpayers. It helps the government in tracking the tax liability of the taxpayers and ensures that they are paying the correct amount of tax. GSTR-1 also plays a crucial role in the input tax credit (ITC) mechanism, as it provides the details of the taxes paid by the buyer on their purchases.
The buyer can claim ITC on the basis of the details provided in GSTR-1, which makes it important for the seller to provide accurate details of their sales.
Penalties for late or incorrect filing
The government has introduced penalties for late or incorrect filing of GSTR-1 to ensure that taxpayers file their returns on time and provide accurate information. If a taxpayer fails to file GSTR-1 within the due date, a late fee of Rs. 50 per day will be charged for each day of delay, subject to a maximum of Rs. 5,000.
In case the taxpayer has made any errors or omissions in the return, they can rectify the same in the subsequent return. However, if the errors or omissions are not rectified in the subsequent return, the taxpayer may be liable to pay a penalty of Rs. 10,000 or 10% of the tax due, whichever is higher.
Amendment of GSTR-1
If a taxpayer finds any errors or omissions in their previously filed GSTR-1 returns, they can amend the same in the subsequent return. However, amendments to GSTR-1 can only be made for a period of up to two years from the date of the relevant annual return.
The taxpayer needs to file an amendment return for the relevant period and make the necessary corrections. The amended return will overwrite the original return and the changes made will be reflected in the GST ledger.
Conclusion
GSTR-1 is an important return that needs to be filed by registered taxpayers under the GST system in India. It is crucial for taxpayers to ensure that they file GSTR-1 on time and provide accurate details of their sales to avoid any penalties or legal consequences.
By understanding the due dates, format, and filing procedure for GSTR-1, taxpayers can ensure that they comply with the GST regulations and avoid any unnecessary hassles. It is also important for taxpayers to keep themselves updated with any changes or amendments in the GSTR-1 return to ensure that they file their returns correctly and avoid any penalties.
Frequently Asked Questions (FAQs)
Q.1) What is GSTR-1?
GSTR-1 is a monthly or quarterly return that is filed by registered taxpayers to provide details of their outward supplies (sales) made during the relevant period.
Q.2) Who is required to file GSTR-1?
All registered taxpayers who have an annual turnover of more than Rs. 1.5 crore are required to file GSTR-1 on a monthly basis. Taxpayers with an annual turnover of up to Rs. 1.5 crore can choose to file GSTR-1 on a quarterly basis.
Q.3) What is the due date for filing GSTR-1?
The due date for filing GSTR-1 is the 11th of the following month for monthly filers and the 13th of the following month for quarterly filers.
Q.4) What are the details required to be furnished in GSTR-1?
The details required to be furnished in GSTR-1 include the taxpayer’s GSTIN, the period for which the return is being filed, the details of outward supplies, details of credit or debit notes issued, and the details of advances received.
Q.5) Is it mandatory to file GSTR-1 even if there are no outward supplies during the relevant period?
Yes, even if there are no outward supplies during the relevant period, it is mandatory for registered taxpayers to file a nil return in GSTR-1.
Q.6) Can the details furnished in GSTR-1 be amended?
Yes, if a taxpayer finds any errors or omissions in their previously filed GSTR-1 returns, they can amend the same in the subsequent return.
Q.7) What is the penalty for late or incorrect filing of GSTR-1?
If a taxpayer fails to file GSTR-1 within the due date, a late fee of Rs. 50 per day will be charged for each day of delay, subject to a maximum of Rs. 5,000. In case of errors or omissions in the return, a penalty of Rs. 10,000 or 10% of the tax due, whichever is higher, may be levied.
Q.8) Can GSTR-1 be filed manually?
No, GSTR-1 cannot be filed manually. It can only be filed online on the GST portal.
Q.9) Is it necessary to file GSTR-1 for every state in which the taxpayer is registered?
No, the taxpayer needs to file GSTR-1 only for the state in which they are registered under GST.
Q.10) Can GSTR-1 be revised after filing?
No, GSTR-1 cannot be revised after filing. However, if a taxpayer finds any errors or omissions in their previously filed GSTR-1 returns, they can amend the same in the subsequent return.
