An Overview of GSTR-1

The GSTR-1, which stands for Goods and Services Tax Return, is a monthly or quarterly return, which basically comprises of information of outward supplies of goods or commodities that are made during a particular month. The various information included in GSTR-1 is debit notes, credit notes, revised invoices, and invoices that are related to supplies of tangible goods. The Goods and Services Tax (GST) regulations aim at simplifying and implementing the online filing of tax returns by taxpayers as well as making the entire process efficient.

Who Must File GSTR-1?

Any individual or business that is registered under the Goods and Services Tax (GST) Act, 2017, is required to file their returns by filing the GSTR-1 form and submitting it online. The website/portal where a taxable individual or business is required to file and submit their GSTR-1 is https://gst.gov.in. Even if there are no transactions carried out during a specified month, it is mandated for the person or business assessed to file his/her GSTR-1 return and on a monthly or quarterly basis, as stated in the regulations.

* Traders who make a turnover of up to Rs. 1.5 crores in a year are needed to file GSTR-1 on a quarterly basis.

* Traders make a turnover of over Rs. 1.5 crores in a year are required to file GST-1 on a monthly basis.

It is important for the taxpayer to digitally sign (electronic signature) after submitting his/her GSTR-1 returns, else the return will not be considered as filed. When the taxpayer successfully submits or complete their GSTR-1 return online for the specified period, the system automatically generates an Application Reference Number (ARN) that is provided to the taxpayer. Furthermore, the taxpayer receives both an SMS (direct tax message) and e-mail on the registered phone number and e-mail address that the taxpayer provided during their GST registration. This information is also intimidated via e-mail to the taxpayer’s Authorised Signatory.

It is crucial to keep in head that once the taxpayer files his/her GSTR-1 return, it will not be possible to revise the return filed. So, if the taxpayer has made some mistakes in filling the important or required information, then they can rectify or correct the details in the next filing period.

Things to Know Before Filing GSTR-1

Before filing GSTR-1, there are, however, certain pre-requisites that must be fulfilled. These are stated as under

You must be a registered taxpayer and are needed to have a GSTIN (Goods and Services Tax Identification Number) at the time of the tax period, for which the GSTR-1 needs to be fulfilled.

You, as a registered taxpayer, are required to have valid credentials, such as username and password, in order to be used when accessing services on the GST portal/website.

You, as a registered taxpayer, are required to have a valid Digital Signature Certificate (DSC) and that the e-signature is not expired or revoked, as it may be mandatory in certain cases.

You, as a registered taxpayer, are required to have the mobile number of the Authorised Signatory, which may be required in case you wish to use Electronic Verification Code (EVC).

What is the Format of GSTR-1?

Generally, the GSTR-1 has the following details of a tax period in its form and which are mandated to be met

* The invoice details of supplies to registered persons, also includes persons who have a Unique Identification Number (UIN) are required to be fulfilled.
* The invoice details of inter-state supplies to unregistered persons or consumers, the value of which is greater than Rs. 2,50,000.
* The details of Debit/Credit notes issued by the supplier toward the invoices.
* The details of export of goods, which also includes deemed exports in Special Economic Zones (SEZ).
* The summarised state-level details of supplies to unregistered persons or consumers.
* The summarised details of advances received in relation to future supply and their adjustments.
* The details of any amendments with effect to the reported details for any of the categories stated above.
* Those that are rated nil, exempted and supplies that are not specified under GST.
* The detailed summary of outward supplies of goods that are categorised under Harmonised System of Nomenclature (HSN) and Services Accounting Code (SAC).

Taxpayers are provided with a feature to modify and/or delete invoices at any given number of times until he/she submits their GSTR-1 on the event of that particular tax period. Taxpayers that make an annual turnover of more than Rs. 1.5 crores (but up to Rs. 5 crores) in the previous year are required to include HSN code at two digits level. In case the taxpayer makes an annual turnover of more than Rs. 5 crores in the previous year, then he/she is required to include the four digits of the HSN code.

What is the Due Date for Filing GSTR-1?

It is important to note that when filing your returns, whether it is to be made quarterly, monthly or annually, there is a given deadline, after which a penalty fee is imposed on the taxpayer for any late payments.

Due Date for Quarterly Filing of GSTR-1

* For period from April to June, the due date is 31st July
* For period from July to September, the due date is 31st October
* For period from October to December, the due date is 31st January
* For period from January to March, the due date is 30th April

Due Date for Monthly Filing of GSTR-1

* For period from July to September, the due date is 31st October
* For the month of October, the due date is 11th November
* For the month of November, the due date is 11th December

If you have already opted for the quarterly filing of GSTR-1 return, but have not filed any return during the Fiscal Year/Financial Year (FY) as per the defined frequency, in that case, it is possible to change frequency, for which the facility is available online on the GST portal.

What is the Penalty or Late Fee for Not Filing GSTR-1?

If a person or business does not, or fails to file his/her GSTR-1 at the stipulated time, then there is a late fee that is levied on the taxpayer. This penalty can also increase on a per-day basis, if the taxpayer delays in filing his/her returns.

As per the penalty amounts set in the GST regulations, a taxpayer will be liable to pay a late fee or fine of Rs. 200 (CGST is Rs. 100 and SGST is Rs. 100, respectively) for not filing his/her GSTR-1 on or before the due date. This late fee amount gets incremented per day.