GSTR-1 is a monthly return that summarizes all sales (outward supplies) of a taxpayer.
In this article, we discuss the following topics in detail:
- Basics of GSTR-1
- What is GSTR-1?
- When is GSTR-1 due?
- Who should file GSTR-1?
- How to revise GSTR-1?
- Late Fees and Penalty
- How to file GSTR-1 on ClearTax GST Software?
- General queries on GSTR-1
1. Basics of GSTR-1
A. What is GSTR-1?
GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.
The return has a total of 13 sections.
B. When is GSTR-1 due?
The due dates for GSTR-1 are based on your turnover. Until March 2018 the due dates for the return has been notified.
Businesses with sales of up to Rs. 1.5 crore will file quarterly returns.
Other taxpayers with sales above Rs. 1.5 crore have to file monthly return.
Here are the due dates for the return until March 2018.
If your turnover is greater than Rs. 1.5 crore a return should be filed for every month. This means that 4 returns have to be filed for each month July, August, September, and October.
C. Who should file GSTR-1?
Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.
The following registered persons are exempt from filing the return:
- Input Service Distributors
- Composition Dealers
- Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
- Non-resident taxable person
- Taxpayer liable to collect TCS
- Taxpayer liable to deduct TDS
D. How to revise GSTR-1?
Return once filed cannot be revised. Any mistake made in the return can be rectified in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1.
E. Late Fees and Penalty
Late Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act. The late fees will be charged from the date after the due date.
Latest Update: The late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return)