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.
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.
The due date for GSTR-1 filing depends on the taxpayer's turnover:
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:
Filing GSTR-1 online is a straightforward process. Follow these steps:
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:
The structure of GSTR-1 accommodates different types of businesses. For instance:
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.
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.
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.
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).
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.
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.
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.