GSTR-1 Filing: Due Date, Format, Late Fees, Eligibility & Rules

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Learn how to file GSTR-1 with our comprehensive guide covering due dates, format, eligibility, late fees, and step-by-step instructions. Ensure compliance with timely GSTR-1 filing for your business. GSTR-1 is a vital compliance document under the Goods and Services Tax (GST) regime, detailing a registered taxpayer's outward supplies or sales. Ensuring accurate and timely filing of GSTR-1 is crucial for maintaining compliance and avoiding penalties. In this guide, we’ll cover the essentials of GSTR-1 filing, including due dates, format, late fees, eligibility, and step-by-step instructions to file the return.

What is GSTR-1?

GSTR-1 is a monthly or quarterly return that registered GST taxpayers must file. It details all outward supplies or sales made during a tax period and includes information such as the taxpayer’s sales, taxable outward supplies, and any modifications to previous returns.

GSTR-1 Due Date

The due date for GSTR-1 filing depends on the taxpayer's 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 the Quarterly Return Monthly Payment (QRMP) scheme. The GSTR-1 due date is the 13th of the month following the relevant quarter.

Who Should File GSTR-1?

Every registered GST taxpayer must file GSTR-1, regardless of whether there are any transactions during the period. However, the following entities are exempt from filing GSTR-1:

  • Input Service Distributors (ISDs)
  • Composition Dealers
  • Non-resident Taxable Persons
  • Taxpayers liable to collect TCS (Tax Collected at Source)
  • Taxpayers liable to deduct TDS (Tax Deducted at Source)
  • Suppliers of OIDAR services (Online Information and Database Access or Retrieval) under Section 14 of the IGST Act

How to File GSTR-1 Online

Filing GSTR-1 online is a straightforward process. Follow these steps:

  • Log in to the GST Portal: Access the GST portal and log in using your credentials.
  • Select the Return Filing Period: Choose the financial year and tax period for which you are filing GSTR-1.
  • Prepare the Return: Enter details of your outward supplies, including B2B, B2C, and export sales, along with any amendments to previously filed returns.
  • Validate and Submit: Validate the details entered and submit the return. Ensure all entries are accurate to avoid discrepancies.
  • Verification: Depending on your filing method, verify the return using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code).
  • Acknowledgment: After submission, download the acknowledgment for your records.

Late Fees and Penalties for GSTR-1 Filing

Failure to file GSTR-1 on time attracts late fees, which vary based on the taxpayer's turnover and whether the return is Nil or not:

  • Regular Filing: Late fees are ₹50 per day (₹25 each under CGST and SGST) up to a maximum of ₹10,000 (₹5,000 each under CGST and SGST).
  • Nil Return: Late fees are ₹20 per day (₹10 each under CGST and SGST) up to a maximum of ₹500 (₹250 each under CGST and SGST).

GSTR-1 for Different Businesses

The structure of GSTR-1 accommodates different types of businesses. For instance:

  • B2B Supplies: Capture details of taxable supplies made to registered persons.
  • B2C Supplies: Enter details for unregistered consumers, with special sections for interstate transactions exceeding ₹2.5 lakh.
  • Export and Zero-rated Supplies: Provide details of exports and supplies to SEZs, including shipping bills and other relevant information.

How to Revise GSTR-1

Once filed, GSTR-1 cannot be revised. However, any errors or omissions can be corrected in the subsequent period return using the amendment sections in the GSTR-1 form.

Conclusion

Filing GSTR-1 accurately and on time is essential for staying compliant with GST regulations. Manoj Kumar D & Associates (MKDA) offers expert assistance to ensure your GSTR-1 filing is completed smoothly, avoiding penalties and ensuring accurate reporting. With MKDA, you can focus on your business while we handle your GST compliance needs.

FAQs

What is the limit for filing GSTR 1?

The limit for filing GSTR 1 depends on the taxpayer's turnover. Taxpayers with an annual turnover of up to ₹1.5 crore can file GSTR 1 quarterly, while those with a turnover exceeding ₹1.5 crore must file it monthly.

How do I file GSTR 1 monthly?

To file GSTR 1 monthly, log in to the GST portal, select the 'Returns Dashboard,' choose the financial year and return filing period, and then select 'Prepare Online' under GSTR 1. Enter the necessary details, validate the information, and submit the form with the required digital signature or Electronic Verification Code (EVC).

Is GSTR 1 monthly or quarterly limit?

GSTR 1 can be filed either monthly or quarterly, depending on the taxpayer's turnover. Taxpayers with an annual turnover of up to ₹1.5 crore can opt to file quarterly, while those with a turnover above ₹1.5 crore must file monthly.

Who is eligible for monthly GST return?

Businesses with an annual turnover exceeding ₹5 crore in the previous financial year are required to file monthly GST returns . Additionally, taxpayers who have not opted for the Quarterly Return Monthly Payment (QRMP) scheme must also file monthly returns.

What is Section 148A of the Income Tax Act?

Section 148A is a provision that requires the Assessing Officer to conduct a preliminary inquiry and issue a notice to the taxpayer before reopening an income tax assessment, ensuring fairness and transparency in the process.