GSTR 1 Filing Guide & Due Dates for Regular Taxpayers

All those under the GST regime should file GST returns (GSTR) to comply with the GST needs. Such returns state the income information for transparency and computing the tax amount you need to file to the government. It is essential to learn that you shall require GST-compliant invoices for sales and purchases when you want to file the GST returns.

When it is the question of tax filing then GSTR 1 is the required form. The reason is that the data you provide under GSTR 1 is been utilized as a base for all the additional forms to be auto-populated. To learn the same and follow the laws of GST read out more details on GSTR 1.

What Does the Term GSTR 1 Signify?

GSTR 1 is the form that accounts for the outward goods supply. The same is said to be the monthly or quarterly return that you need to file to account for your business. It directed that any person engaged in the supply of the goods is required to mention the information of receiver and supply. Through operating the same the returns for the inward supply shall get auto-populated with the facts filed in GSTR 1. As GSTR 1 is the foundation that concerns other GST forms therefore a person is mandated to fill it carefully.

Who Can Submit GSTR 1?

All the registered dealers can file GSTR 1. It is necessary regardless of the transactions and sales for a specific month. A registered dealer bounds to file GSTR 1 even if there are no sales or transactions occurred. However, there are some entities/individuals who are exempt from filing GSTR 1. Here those are:

Input Service Distributor (ISD): You will be considered in the category of an ISD under GST if your enterprise or company has been issued a notice for services used by your branches.

Composition Dealer: Businesses registered under the GST composition scheme will be treated as composition dealers. Businesses having annual turnover of up to Rs. 1.5 crores can avail of the exemption through the composition scheme.

A supplier offering online information, database access, or retrieval services.

Non-resident Taxable Individuals: You come in this category if you are a non-resident India (NRI) and importing goods or services from outside of India or managing a business as an NRI.

A taxpayer is subject to collecting tax at source (TCS), or a taxpayer is subject to deducting tax at source (TDS).

What is the method to file GSTR 1?

Here are the measures that you ought to follow to file GSTR 1.

• Use the given user ID and password to log in to the GSTN portal.
• Glance at ‘services’.
• Tap on ‘returns’.
• Choose the month and year for which you wish like to file for on the ‘returns dashboard’.
• Once the returns for the selected period are shown, tap on ‘GSTR 1’.
• You can prepare the returns online or upload the returns.
• You can select to add invoices or upload the invoices.
• Double-check the form to confirm that the same is filled correctly with proper details.
• Tap on ‘submit’.
• Once the entered data gets validated, tap on ‘file GSTR 1’.
• Digitally sign the form or E-sign it.
• Tap on ‘yes’ once a pop-up is displayed on your screen to confirm your judgment to file GSTR 1.
• Wait for an acknowledgment reference number (ARN) to be generated.

Filling the GSTR 1 form: Defined

GSTR 1 comprises 13 distinct sections that you need to fill. Some of these may be auto-populated. Let’s look at the 13 different fields below.

• An auto-populated effect for the GSTIN of the person who is filing the return.
• An auto-populated result of the name of the person who is filing the return.
• The previous financial year's total turnover needs to be filled once, and then will automatically auto-populate the form with the closing balance subsequently.
• Outward supply details to a registered person are liable to tax.
• Outward supplies (inter-state) information to an end consumer where the transaction surpasses Rs. 2.5 lakh.
• Zero-rated supplies and deemed exports (to EOUs and SEZs) including details of the invoice, shipping bill, or bill of export.
• A total consolidation of all outward supplies for the month, including through e-commerce operators, and up to Rs. 2.5 lakh.
• Exempted data, non-GST, and nil supplies if they are not already cited.
• Any modifications that ought to be incurred for the outward supplies of previous tax periods, including debit/ credit notes and refund vouchers.
• Outward supplies data are listed based on HSN codes.
• Any tax due to advance payment obtained.
• Any taxes paid for the previous periods or reporting periods.
• Documents issued at the time of the period for which GSTR 1 is being filed along with the invoices, revised invoices, credit notes, and debit notes.

What do you require to file GSTR 1?

To file GSTR 1 you ought to have the below documents ready with you.

• A valid Goods and Services Tax Identification Number (GSTIN).
• The user ID and password to sign into the portal.
• A valid digital signature certificate (DSC) unless you can e-sign the form as per your categorization as a supplier.
• Aadhaar number if you are going to e-sign the form.
• Access to the mobile number written on your Aadhaar card.

What are the late fees that can be made on GSTR 1?

It is crucial to learn that GSTR 1 has the last date through which it is required to be filed similar to the other tax filing forms. To satisfy the GSTR 1 due date and prevent the late fees you shall be required to file the GSTR 1 by the 10th of the following month. It directed that you shall required to furnish the returns for January by 10 February and so on. The same is merely for businesses with exceeding Rs 1.5 cr turnover. If your turnover is lower than the same then you shall be required to file the GSTR 1 quarterly by the deadline of that certain duration.

If you do not furnish GSTR 1 before the GSTR 1 filing date then you shall required to pay the penalty for failing to comply with such rules.

Rs. 50 or Rs. 20 per day are the late fees. If you have nil returns to file and delay submitting GSTR 1, the latter is applicable. The government has completely exempted this fee, from July 2017 to September 2018. The sum will be refunded to your electronic cash ledger for forthcoming use if you have filed the same.

Filing GSTR 1: What do you need to keep in mind?

You might sometimes encounter issues while filing returns for your business. But when you are cautious, you need not worry about the confusion or mistakes. Therefore, see some pointers to learn at the time of filing GSTR 1.

• Confirm you have entered the proper GSTIN code and HSN codes to prevent any differences.
• Ensure whether the transaction falls beneath the intra-state or inter-state category.
• You can revise the uploaded bills multiple times; but, you will be unable to revise an invoice once the return has been submitted.
• You cannot amend the return after you have submitted that and ought to make any revisions in the next month’s GSTR 1.
• GSTR 1 is counted under GST registration and GST return filing and you are not required to pay any taxes until the filing of GSTR-3B.
• Upload invoices at various intervals at the time of the month to prevent bulk uploads.
• Companies such as LLPs (limited liability partnerships) and FLLPs (foreign limited liability partnerships) are bound to furnish the digital signature certificate (DSC).
• Suppliers like proprietors, partnership concerns, HUFs, and others can E-sign the GSTR 1.
• If the supply source has been revised and is now in a distinct state, the SGST charge shall be according to the new state.
• Once a receiver has obtained the information in the GSTR 1, you cannot make any revisions to the tax invoice. You can issue a credit note or a supplementary invoice to make space for the differences.
• File GSTR 1 smoothly via third-party software.

While you may understand easy processes like calculating GST, now you know effectively about GSTR 1.

Form GSTR-1 and E-Way Bills

The 31st GST council meeting saw the amalgamation/linking of Eway bills (EWB) with form GSTR 1. To keep a tab on the compliance cycle of an assessee, the GST council declared the restriction on the generation of EWBs, if GSTRs have not filed for two consecutive tax periods. Read our article for additional information on “Importing Your E-way Bills into GSTR-1”

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