GSTR 1 is a monthly statement of outward supplies filed by registered taxpayers under GST. It contains details of all the supplies made during the month such as invoices, credit notes, debit notes, etc. This article will provide a detailed understanding of GSTR 1 with FAQs relevant to small and medium business owners and startup founders in India.
Every registered taxpayer under GST having an annual turnover of more than Rs. 20 lakhs (for special category states, Rs. 10 lakhs) is required to file GSTR 1. It is important to file GSTR 1 on time to avoid any late fees and penalties.
The contents of GSTR 1 include:
1. Invoice-level details of all outward supplies, including B2B, B2C and exports.
2. Details of debit notes, credit notes, and amendments made to the invoices issued.
3. Details of advances received for which invoices have not been issued.
4. Details of supplies received from unregistered persons.
5. HSN-wise summary of outward supplies made.
6. Details of documents issued under reverse charge mechanism.
The due date for filing GSTR 1 is the 11th of the subsequent month. However, for the months of April to September 2021, the due date has been extended to the 15th of the subsequent month.
Non-filing of GSTR 1 on time may attract late fees and penalties. The late fees are Rs. 50 per day for each return, i.e., Rs. 25 under CGST and Rs. 25 under SGST or UTGST. The maximum late fee is Rs. 5,000.
Yes, GSTR 1 can be revised. Any mistakes or omissions in the original return can be corrected in the subsequent months' returns. However, it is important to note that the revised return can only be filed before the due date of filing the return for the month of September or before filing the annual return, whichever is earlier.
The penalty for not filing GSTR 1 on time is Rs. 200 per day of delay, i.e., Rs. 100 under CGST and Rs. 100 under SGST or UTGST. The maximum penalty is Rs. 5,000.
The penalty for filing incorrect details in GSTR 1 is Rs. 5,000. This penalty is applicable in case of false or incorrect information provided intentionally. In case of other errors, the taxpayer can rectify the same in subsequent returns.
The process of filing GSTR 1 is as follows:
1. Login to the GST portal.
2. Select the GSTR 1 return from the dashboard.
3. Fill in the details of outward supplies made during the month.
4. Verify the details and submit the return.
5. File the return using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code).
GSTR 1 is an important document that needs to be filed by every registered taxpayer under GST. It contains details of all the supplies made during the month and needs to be filed on time to avoid any late fees and penalties. This article has provided a detailed understanding of GSTR 1 with FAQs relevant to small and medium business owners and startup founders in India.
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