Goods and Services Tax (GST) brought in quality changes to the Indian tax system. Taxpayers are getting the benefit of easy tax filing since the passing of the GST regime in 2017. There are 15 types of GST Returns and GSTR-1 is the first return that has to be filed by a registered dealer under the GST regime.
GSTR-1 is a form that holds the account of all the outward supply of goods and services undertaken by a registered dealer. It is a monthly or quarterly return that a registered dealer needs to file. GSTR-1 lays the foundation for the filling of other GST return forms as well. Taxpayers should fill this form with utmost caution and care.
GSTR-1 is the first important return to be filed by every registered dealer. It is compulsory to file this return on a monthly or quarterly Basis, even if there have been zero transactions.
However, those mentioned below are exempted from filing GSTR-1.
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A taxpayer can find the filling of GSTR-1 a little confusing in the beginning. However, it is important to familiarise yourself with the know-how before filing your returns.
Here is a list of 6 things you need to bear in mind before filing your GSTR-1 returns.
This is an extremely crucial element to bear in mind while filing your GSTR-1 return. Enter the correct GSTIN code and HSN code to avoid any error and trouble. Entering the wrong code can get your returns rejected.
While entering your data, it is important to understand where your transaction is supposed to be filed. Make sure you know whether your transaction falls in the intra-state or the interstate category i.e. CGST, IGST, SGST.
Entering your details in the wrong category will cause financial loss.
Keep the correct invoice before the submission. You can’t change and upload the invoice after the submission of the form. However, you can change uploaded bills. In order to avoid this goof up, make sure you upload your invoices at various intervals monthly. This will help you avoid bulk uploads.
If you change the point of supply of any goods and services from one state to the other, you will have to pay the SGST as per the state of operations.
If the suppliers are Limited Liability Partnerships (LLPs) and Foreign Limited Liability Partnerships (FLLPs), they are required to attach the Digital Signature Certificate while filing the GST Return.
If the suppliers are proprietors, partnerships, HUFs and others, they can E-sign GSTR-1.
The due dates for filing GSTR-1 is different for a monthly and quarterly basis.
Here are the due dates for filing GSTR-1-
|Period- Quarterly||Due date|
|GSTR-1 for up to Rs. 1.5 crore- January-March 2020||30th April 2020|
|GSTR-1 for more than Rs. 1.5 crore- February 2020||11th March 2020|
Follow the given steps to file GSTR-1-
Just like every late tax filing comes with a penalty GSTR-1 comes with one too. In order to avoid the penalty for late filing, make sure you file your returns before the due date.
If your business is under Rs.1.5 crore turnover you can file quarterly returns and vice versa. If you Fail to submit GSTR-1 before the mentioned filing date, you will have to pay a penalty fee of Rs. 20 or Rs. 50 per day.
A. Yes, filing GSTR-1 is compulsory. If your total sales for a year is less than Rs.1.5 crore you can file returns on a quarterly basis.
A. You can upload invoices at regular intervals to avoid bulk uploads. Bulk uploads take a lot of time. So to avoid waste of time, upload your invoices at regular intervals.
A. Yes, you can change it. But don’t submit it until you are sure about your uploads.
A. Online GST portal or using third party application by Application Software Provider (ASPs).
A. The taxpayer should be registered and have an active GSTIN. The taxpayer should have a valid and working registered mobile number. The taxpayer should have valid login credentials.
Make sure you are ready with all the required things before filing GSTR-1 return. File before the due dates and enjoy the benefits.
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