Basics of GSTR-1
GSTR-1 is a return form of sales or outward supplies made by a registered person. This return is filed electronically by all the registered persons on a monthly or quarterly basis depending on the annual turnover. Business with an annual turnover not exceeding Rs 1.5 crore can file this return on a quarterly basis, whereas, others have to file it monthly. Quarterly filing of GSTR-1 must be done by the last date of the month of the succeeding quarter and the monthly filing of GSTR-1 must be done by 11 th of the next month. For instance, the GSTR-1 filing for the quarter April-June 2020 must be completed by 31 st July 2020 and for the month of August 2020, the due date would be 11 September, 2020.
Following are exempted from filing this return:
- Input Service Distributor (ISD)
- Dealers under Composition Scheme
- Non-resident taxable person
- Taxpayer responsible for deducting TDS
- Taxpayer responsible for collecting TCS like an e-commerce operator
- Suppliers of Online Information and Database Access or Retrieval (OIDAR) services
The GSTR-1 form comprises of 13 subsections where general details of the business and the outward supplies are furnished by the taxpayer. General details include the GSTIN, trade name, tax period, details of issued documents, turnover of the previous year, details of advances, etc. The taxpayer also needs to furnish the details of the outward supplies like:
- Invoice-wise details of supplies made to the registered person i.e. B2B (both inter-
state and intra-state)
- Inter-state supplies made to unregistered people i.e. B2C, with invoice value
exceeding Rs 2.5 lakh
- Consolidated details of intra-state supplies for every tax rate made to unregistered
people
- Consolidated details of inter-state supplies for every tax rate made to unregistered
people, state-wise, with invoice amount not exceeding Rs 2.5 lakh
- Any issued credit or debit notes
- Any revisions for the previous period
- Details of GST-exempted supplies
In case of any errors made while filing GSTR-1, it can only be rectified in the return of subsequent month or quarter. There is no provision to revise the return once it has been filed. Thus, certain precautions should be taken by the taxpayer to avoid the last-minute hassle of return filing by timely and regular uploading of their invoices.
On delayed filing of the return, late fee is charged at Rs 50 per day i.e. Rs 25 according to SGST and CGST each, respectively. However, for nil GSTR-1 return, the late fee is Rs 20 per day.
If you have any query of concern regarding GSTR-1, then feel free to ask from us by sending an email to contactus@webtel.co.in or by simply commenting to this article.