GSTR-1

GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-1 return.

GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It is to be filed monthly, except in the case of small taxpayers with turnover up to Rs.1.5 crore in the previous financial year, who can file the same on a quarterly basis.

GSTR-1 – Return Filing

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.

b. When is GSTR-1 due?

The due dates for GSTR-1 are based on your turnover.

Businesses with sales of upto Rs. 1.5 crore have an option to file quarterly returns.

Other taxpayers with sales above Rs. 1.5 crore have to file monthly return.

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.

As per Latest Update, the late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return)

Due Dates of Filing GST Returns

These returns are as per the CGST Act*