1. GSTR 1: What is Form GSTR 1, GSTR-1 Due Dates, Late fee
GSTR-1 is a defined form for all the registered taxpayers who deal in outward supplies of goods or services. GSTR-1 is a monthly or quarterly return form that contains the details of all the outward supplies of goods and services. GSTR-1 is a monthly or quarterly return “based on the taxpayer’s annual turnover” that must be filed by every registered taxpayer. GSTR-1 comprises the details about the outward supplies of goods and services or both. The return has 13 sections. These sections are expressed below- Tables 1, 2, and 3 GSTIN trade and legal names, and moderate turnover in the last year. Table 4: Taxable outward supplies for the enrolled individuals (containing UIN) holders which do not comprise zero-rated supplies and exports. Table 5 Taxable outward inter-state supplies to someone who is not registered where the invoice value surpasses Rs.2.5 lakh Table 6: Zero-rated supplies along with deemed exports Table 7: Taxable supplies to the person who has not registered apart from the supplies which are concealed in table 5 (net of debit and credit notes) Table 8 Non-GST in compliance and zero-rated outward supplies confidential and. Table 9: Modifications or corrections to the taxable outward supply and reported under tables 4, 5, and 6 of the last tax periods GSTR-1 return which contains the debit notes, credit notes, and refund vouchers furnished in the current period. Table 10: Provide the debit/credit note to the individuals who are not registered. Table 11: Information on the advances obtained or managed in the present tax period or changes in the details reported in the previous tax period. Table 12: Outward supplies summary including the grounds of HSN codes. Table 13: The credentials provided in the span.
2. Who is Required to File GSTR-1?
All the registered individuals have to file GSTR-1 irrespective of whether there have been performed any type of transaction throughout the period or not. Even when there is a nil GSTR-1 filer, there is a facility to provide via SMS. It started in the first week of July 2020. The following individuals are not needed to file GSTR-1 Non-resident taxable person. Taxpayer liable to collect TCS. Taxpayer liable to deduct TDS. Suppliers of online details (Including database access or recovery services) (OIDAR), who have to pay tax themselves. Input Service Distributors. Composition Dealers.
3. Penalties and Late Fee
As per the regulations or GST, There will be a late fee of Rs. 200 per day for not furnishing GSTR-1 or for late filing (Rs. 100 under CGST Act and Rs. 100 as per SGST Act). The late fee will be from the date post to the last date. But after the notifications issued up to Feb 2021, the late fees will be levied on somewhat a less fee of Rs. 50 per day and Rs. 20 per day when the returns are nil.
4. How to Revise GSTR-1?
Once the returns are filed then these can not be revised. The mistakes and omissions made in the returns can be improved in the GSTR-1 furnished for the following month or quarter. It shows that if the mistake is made in the GSTR-1 of January 2022 then the correction can also be done in the GSTR-1 of February 2022. We have drawn a table below describing the late fee to be charged Act Daily late fee for the delay Maximum late fee (In case annual turnover in the last financial year is up to Rs.1.5 crore) Maximum late fee (In case annual turnover is between Rs.1.5 Cr. and Rs.5Cr) Maximum late fee (In case of turnover is above Rs.5 crore) CGST Act, 2017 Rs.25 Rs. 1,000 Rs 5,000 Rs. 5,000 SCGT Act, 2017/ UTGST Act, 2017 Rs. 25 Rs. 1,000 Rs 2,500 Rs. 5,000 Total late fees Rs 50 Rs 2,000 Rs 5,000 Rs. 10,000
5. Due Dates For Filing GSTR-1
The due dates for GSTR-1 are prescribed based on your average turnover. Businesses with a turnover up to Rs.5 Cr. have an alternative to file quarterly returns under the QRMP scheme which are due by the 13th of the month following the appropriate quarter. For businesses with turnover Month/Quarter Due Date More than Rs.5 crore Oct-2021 11th of Nov-2021 Nov-2021 11th of Dec-2021 Dec-2021 11th of Jan-2022 Jan-2022 26th of Feb-2022 Feb-2022 11th of Mar-2022 Mar-2022 11th of April-2022 Turnover up to Rs.5 crore (QRMP Scheme) Oct-Dec 2021 13th of Jan-2022 Jan-Mar 2022 13th of Apr-2022 Due Dates of Turnover up to Rs.1.5 Cr Time (Quarterly) Due Dates July to Sep-2022 13th of Oct-2022 April to June-2022 13th of July-2022 January to Mar-2022 13th of April-2022 Oct to Dec-2021 13th of Jan-2022 October to Dec-2021 13th of Oct-2021 April to June-2021 13th of July-2021 Due Dates of Turnover More Than Rs.1.5 Cr Period (Monthly) Due Dates Oct-2022 11th Nov-2022 Sep-2022 11th Oct-2022 Aug-2022 11th Sep-2022 July-2022 11th Aug-2022 June-2022 11th of July-2022 May-2022 11th of June-2022 April-2022 11th of May-2022 Mar-2022 11th of April-2022 Feb-2022 11th of Mar-2022 Jan-2022 11th of Feb-2022 Dec-2021 11th of Jan-2022
Frequently Asked Questions
What is GSTR-1?
Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies to be furnished by all the registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.
Is it mandatory to file GSTR-1?
GSTR-1 is mandated to be filed even if there is no business activity or (in case of nil return) in the tax period.
Is DSC compulsory for all classes of taxpayers while filing returns?
DSC is mandatory in the case of all Public and Private Limited Companies (PLC), Limited Liability Partnerships (LLPs), and Foreign Limited Liability Partnerships (FLLPs).
What are the other various pathways of signing Form GSTR-1 electronically?
Taxpayers can easily sign their returns electronically using a DSC (Digital signature certificate) (mandatory for all classes of companies and LLPs) or verify through EVC (Electronic Verification Code) sent to the registered mobile number of the authorized signatory).
How can I file Nil Form GSTR-1?
Taxpayers can file nil form GSTR-1 by first rendering a summary and then proposing the return without entering any data and signing with the relevant signature.
Do I receive any notice in case I do not file form GSTR-1 by the due date?
Yes. You will get a system-generated return defaulter notice in format-3A on account of failing to file form GSTR-1 by the due date.
Is there any specified layout for invoice numbers under GST laws?
Yes. As per the GST laws, the invoice number has to be of a maximum length of 16 characters and the permissible characters are alphanumeric and unique characters of dash and slash.
Can a registered taxpayer have multiple series of tax invoices?
Yes. Taxpayers can retain numerous series of tax invoices in a financial year. There is no prescribed limit on the number of tax invoices that a taxpayer can avail in a financial year.
What is the confirmation after the successful filing of Form GSTR-1?
There are two confirmations received after filing form GSTR-1. Application Reference Number (ARN) is rendered on successful filing of Form GSTR-1. An SMS or email is sent to the taxpayer on his/her registered mobile number and e-mail ID of the primary authorized signatory.
What does the ‘Total Invoice Value’ column indicate in Form GSTR-1?
The ‘Total Invoice Value’ column in the form GSTR-1 is for the invoice value inclusive of taxes.