GSTR 1: Filing, Eligibility and Due Dates

Table of Contents

What is GSTR-1?ย 

GSTR-1 is a monthly return that summarizes all Outward Supplies of all normal and casual registered taxpayers. To comply with the GST norms everyone must file for these GST returns. These returns specify income details for more transparency and clarity. It calculates the amount to be paid to the government. We need GST compliant invoices if we wish to file for GST returns. It is one of the most necessary forms because the data we use here is later used to auto-populate the other forms. However, this return is not applicable to composition vendors, non-resident foreign taxpayers and those with a Unique Identification Number.

Who needs to File it?

Every registered taxpayer is required to file for GSTR 1. Even if there is no sale or transaction in a month, Itโ€™s mandatory for every taxpayer to file it.
However, there are a few exemptions to it and these are as follows:

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An Input Service Distributor: If your business receives invoices that are used by your own branches.
Non-Resident Taxable person: If you import goods or services from outside India or are in charge of managing a business instead of a foreign person.ย 
A supplier of Online Information, database access or retrieval services
A taxpayer is responsible for collecting or deducting tax at the source.ย 
Composition Dealer: If you have registered your business under the composition scheme of GST. Companies with turnover up to 1.5 Crores can opt for the composition schemes.ย 

Prerequisites of Filing

Must be registered taxpayer with the 15 Digit PAN-based unique Identification number.
The User ID and Password to sign in to the article.
Detailed invoices with unique serial numbers/reference no. for all transactions, for intra-state and inter-state transactions, business-to-business as well as retail sales. Also includes the transactions associated with exempted and non-GST supplies, and stock transfers between your business locations in different states.
You will either need an OTP from your registered phone number to verify your return using an Electronic Verification Code or a digital signature certificate (of class 2 or higher). You can also file your GST returns using an Aadhar based e-sign.

How to file for GSTR-1?

1. Use the provided User ID and Password to log in to theย GSTN portal.ย 
2. First click on โ€˜servicesโ€™ then click on โ€˜Returnsโ€™.
3. Select the month and the financial year you want to file your return for, on the return dashboard.
4. After specifying the period you want to file your GST for on the ‘return dashboard’ click on GSTR 1.
5. You can prepare for the returns online or Upload the returns.
6. You can choose to add or upload the invoices.
7. Double-check the forms for ensuring it is filled accurately. Once submitted you canโ€™t change it.
8. After checking, click on โ€˜submitโ€™.
9. After entering information click on ‘File GSTR 1’.
10. Digitally sign the form or e-sign it.
11. Click on โ€˜yesโ€™ once the pop-up displays to confirm GSTR 1 filling.
An acknowledgment number will generate.

GSTR-1 due date

Starting 11th January 2022, small taxpayers with an aggregate turnover of fewer than 5 crores can file quarterly GSTR 1 and GSTR 3B. The due date for filing the GSTR 1 return will be the 13th of the consecutive month in the succeeding quarter. However, the taxpayers can continue to submit invoices every month.

Penalties for late filing

Like every other GSTR form, there are penalties for late filing of GSTR 1 as well. To avoid the late filing we need to file the GSTR 1 by the 10th of the following month. However, this only stands for businesses with over 1.5 crore turnover every year. With businesses below 1.5 crores, we need to file for quarterly returns. As per the GST law, a late fee for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per the CGST Act and Rs. 100 as per SGST Act). You will be charged a maximum of Rs 2,000 per return.

Suggestion:

Check out: Learn About GST, GSTR-3B.

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