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What is GSTR 1 Form?

GSTR 1: Explained 

 GSTR 1 is an important form as the information filed under the Goods and Service Tax is used as a base for the other forms that will be auto-populated. To comply with the GST requirements it is important for all those parts of the GST regime to GST returns. GSTR 1 return must be filed by all persons that are registered under GST. GSTR 1 return is due on the 10th of each month for taxpayers having more than Rs.1.5 crore of turnover. GSTR 1 is due every quarter for taxpayers having less than Rs.1.5 crore turnover. From October 2017, the normal schedule for filing GST returns will continue. In this article, we continue to look at the procedure for preparing and filing GSTR 1 return. Read the first article, to know more about how to prepare details of outward supplies for GSTR 1. In this article, we look at the procedure for preparing the return, wherein amendments were applicable. Let’s have a detailed discussion on the GSTR 1 Form.

What is GSTR 1?

GSTR 1 is a Form that accounts for the outward supplies of goods. You can file the GSTR 1 Form monthly or even quarterly with regards to your business. An individual involved in the transportation of the supply of goods is to specify the details regarding the supply and the recipient too. As it  lays the foundation for other forms it is necessary to fill the Form with utmost care.

Who can file GSTR 1?

Every registered dealer is liable to file GSTR 1. Irrespective of the sales and the turnover for a particular month, which means that even when there is no sale or transaction a registered dealer has to file the GSTR 1.

Here is the list of people who are exempt from filing the GSTR 1:

  • An Input Service Distributor: If your business receives invoices for services used by your branches then you are in the category of the Input Service Distributor under GST.
  • Composition Scheme Dealer: If you have registered under the Composition scheme you are a composition scheme dealer and you are not required to file this GST return.
  • A supplier of online Information, database access, or retrieval services.
  • Non-resident taxable person: If you import goods and services from outside India or are in charge of managing the business on behalf of Non-Resident Indian.
  • A Taxpayer who is liable for collecting Tax at Source or a taxpayer for deducting Tax at sources (TDS).

Components of GSTR 1

GSTR 1 different Sections that are to be filled out of which some may be auto auto-populated.

  • An auto-populated result for the GSTIN of the person filing the return.
  • An auto-populated result of the name of the person filing it.
  • The total turnover of the previous financial years is also to be filled once then it will be auto-populated return with closing the return.
  • Details of the outward supplies to a registered person who is taxable.
  • Details of the outward supplies to an end consumer where the transaction is exceeding Rs.2.5 lakh.
  • Zero-rated supplies as well as deemed exports with the invoice details, shipping bill, or the export bill.
  • A total consolidation of all the outward supplies for the month that includes the e-commerce operators and up to 2.5 lakh.
  • Exempted Details, Non- GST, and Nil Supplies if they are not mentioned.
  • Any revisions or amendments that are to be made to the outwards supplies of the previous tax periods, which include credit notes, debit notes, and the refund of the vouchers.
  • Details of the outward supplies based on the HSN Codes
  • Any tax due to the advance payment received.
  • Tax paid for the previous periods or the reporting periods.
  • Documents issued during the period includes invoices, revised invoices, credit notes, and debit notes.

Requirements for filing 

It is necessary to have documents that are mentioned below and information that is ready with you:

  1. A valid Goods and Service Tax Identification Number
  2. The User ID and Password to sign in to the portal.
  3. A valid Digital Signature Certificate and Password to sign the form
  4. Aadhar Number if you are going to e-sign the form.
  5. Access to the Mobile Number mentioned on the Aadhar Card.

Late Fees and Penalty 

GSTR 1 is also to be filed by the due date by which it is to be filed by the 10th of every month. But is also to be noted that this is in only terms of when a turnover of around Rs.1.5 crore. In case the turnover happens to be less than Rs.1.5 crore then the GSTR 1 needs to be filed every quarter. In case the person does not file the returns before the specified due date there is a penalty of  Rs. 20 per day.

Things to keep in mind while filing GSTR 1

Filing the returns for your business can sometimes be a little worrying as there can be confusion or mistakes sometimes. Take a look at a few things to keep in mind while filing GSTR 1:

  • Ensure you have entered the correct GSTIN code and HSN codes to avoid any discrepancies.
  • Confirm whether the Transaction is under the intra-state and inter-state categories.
  • You can change the uploaded bills multiple times but the invoice once submitted cannot be changed.
  • You cannot correct the returns once they are submitted.
  • As it  is a part of GST registration and GST return filing and you do not pay taxes until the GSTR 3B is filed.
  • To avoid bulk uploads you can upload invoices at intervals.
  • Suppliers such as proprietors partnerships, HUFs can E-sign
  • In case the point of supply of goods changes and is now in a different state then SGST will be charged as per the new guidelines.
  • You can also use a third-party application like IndiaFilings to file your GST Returns.

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