If you’re a business owner in India registered under GST, understanding GSTR-1 is crucial. Think of GSTR-1 as a sales report card you submit to the government, detailing all your outward supplies. Let’s break it down in simple terms.
What is GSTR-1?
GSTR-1 is a monthly or quarterly return that registered GST taxpayers must file. It contains details of all outward supplies (sales) made during a tax period. This return helps the government track sales and ensures transparency in the tax system.
Who Should File GSTR-1?
Every registered person under GST is required to file GSTR-1, regardless of whether there are any transactions during the period or not. However, the following registered persons are not required to file GSTR-1:
- Input Service Distributors
- Composition Dealers
- Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves
- Non-resident taxable persons
- Taxpayers liable to collect TCS
- Taxpayers liable to deduct TDS
Due Dates for Filing GSTR-1
The due dates for GSTR-1 depend on your aggregate turnover:
- Monthly Filing: Businesses with a turnover of more than ₹5 crore must file GSTR-1 on or before the 11th of the next month.
- Quarterly Filing (QRMP Scheme): Businesses with a turnover of up to ₹5 crore can opt for quarterly filing. The due date is the 13th of the month following the quarter.
Steps to File GSTR-1
- Login: Visit the GST Portal and log in with your credentials.
- Navigate: Click on the “Services” tab, select “Returns,” and then “Returns Dashboard.”
- Select Period: Choose the relevant Financial Year and Return Filing Period.
- Prepare Return: Click on “Prepare Online” or “Prepare Offline” and fill in the necessary details.
- Submit: After entering all details, click “Submit” to validate the information.
- File Return: Once validated, click “File GSTR-1” and sign using DSC or EVC.
- Acknowledgment: Upon successful filing, an Acknowledgment Reference Number (ARN) will be generated.
Late Fees for GSTR-1
If you miss the due date for filing GSTR-1, late fees are applicable:
- For Returns with Transactions:
- ₹50 per day (₹25 CGST + ₹25 SGST)
- Maximum late fee:
- ₹2,000 for turnover up to ₹1.5 crore
- ₹5,000 for turnover between ₹1.5 crore and ₹5 crore
- ₹10,000 for turnover above ₹5 crore
- For Nil Returns:
- ₹20 per day (₹10 CGST + ₹10 SGST)
- Maximum late fee: ₹500
Note: Late fees are calculated from the due date until the actual date of filing.
Revising GSTR-1
Once GSTR-1 is filed, it cannot be revised. However, any errors or omissions can be rectified in the subsequent month’s return. It’s essential to ensure accuracy while filing to avoid complications.
Key Takeaways
- GSTR-1 is a mandatory return for all registered GST taxpayers detailing outward supplies.
- Filing frequency (monthly or quarterly) depends on your turnover.
- Timely filing avoids late fees and ensures smooth compliance.
- Always double-check entries before submission, as revisions are not allowed post-filing.
Understanding and complying with GSTR-1 requirements is crucial for maintaining good standing under the GST regime. Regular and accurate filings not only keep you compliant but also build trust with your clients and the government.
