Everything You Need to Know About GSTR-1

Goods and Services Tax (GST) brought in quality changes to the Indian tax system. Taxpayers are getting the benefit of easy tax filing since the passing of the GST regime in 2017. There are 15 types of GST Returns and GSTR-1 is the first return that has to be filed by a registered dealer under the GST regime.

What is GSTR-1?

GSTR-1 is a form that holds the account of all the outward supply of goods and services undertaken by a registered dealer. It is a monthly or quarterly return that a registered dealer needs to file. GSTR-1 lays the foundation for the filling of other GST return forms as well. Taxpayers should fill this form with utmost caution and care.

Download GSTR 1 From

Who Should File GSTR-1?

GSTR-1 is the first important return to be filed by every registered dealer. It is compulsory to file this return on a monthly or quarterly Basis, even if there have been zero transactions.

However, those mentioned below are exempted from filing GSTR-1.

• Input Service distributor (ISD)
• Composition Dealer
• Non-resident taxable person
• Taxpayer collecting tax at source (TCS) or deducting tax at source (TDS)

Identification Required for Filing GSTR-1

• Goods and Service Tax Identification Number (GSTIN)
• User ID and password to sign in to the GST portal
• Valid digital signature certificate (DSC)
• aadhaar card number if e-signing the form
• Valid and working mobile number as mentioned on Aadhaar card

Important Details to Keep for Filing GSTR-1 Form

A taxpayer can find the filling of GSTR-1 a little confusing in the beginning. However, it is important to familiarise yourself with the know-how before filing your returns.

Here is a list of 6 things you need to bear in mind before filing your GSTR-1 returns.

1. GSTIN Code and HSN code

This is an extremely crucial element to bear in mind while filing your GSTR-1 return. Enter the correct GSTIN code and HSN code to avoid any error and trouble. Entering the wrong code can get your returns rejected.

2. Transaction Category

While entering your data, it is important to understand where your transaction is supposed to be filed. Make sure you know whether your transaction falls in the intra-state or the interstate category i.e. CGST, IGST, SGST.

Entering your details in the wrong category will cause financial loss.

3. Invoice

Keep the correct invoice before the submission. You can’t change and upload the invoice after the submission of the form. However, you can change uploaded bills. In order to avoid this goof up, make sure you upload your invoices at various intervals monthly. This will help you avoid bulk uploads.

4. Change of Location

If you change the point of supply of any goods and services from one state to the other, you will have to pay the SGST as per the state of operations.

5. Digital Signature Certificate (DSC)

If the suppliers are Limited Liability Partnerships (LLPs) and Foreign Limited Liability Partnerships (FLLPs), they are required to attach the Digital Signature Certificate while filing the GST Return.

6. E-sign

If the suppliers are proprietors, partnerships, HUFs and others, they can E-sign GSTR-1.

GSTR-1 Due Dates

The due dates for filing GSTR-1 is different for a monthly and quarterly basis.

Here are the due dates for filing GSTR-1-

How to File GSTR-1?

Follow the given steps to file GSTR-1-

• Log in to the GSTN portal with the user ID and password provided.
• Find ‘Services’ and click on ‘Returns’.
• On the ‘Returns Dashboard’, select the month and year you would want to file the returns for.
• After the returns for the specified period is seen, click on GSTR-1.
• You have the option of creating the returns online or uploading the returns.
• You can add the invoices or upload them.
• Ensure that you double-check your form before submission.
• Click ‘submit’.
• After the validation of the information, click on ‘file GSTR-1.
• You can digitally sign the form or E-sign it.
• After the pop-up is displayed on your screen, click on ‘Yes’ and confirm filing GSTR-1.
• Soon after, wait for an Acknowledgement Reference Number (arn) to be generated.

GSTR- 1: Penalty for Late Filing

Just like every late tax filing comes with a penalty GSTR-1 comes with one too. In order to avoid the penalty for late filing, make sure you file your returns before the due date.

If your business is under Rs.1.5 crore turnover you can file quarterly returns and vice versa. If you Fail to submit GSTR-1 before the mentioned filing date, you will have to pay a penalty fee of Rs. 20 or Rs. 50 per day.

FAQs

1. Do I have to file GSTR-1 even if I have had no sales in a month?

A. Yes, filing GSTR-1 is compulsory. If your total sales for a year is less than Rs.1.5 crore you can file returns on a quarterly basis.

2. Do I have to upload an invoice only while filing returns?

A. You can upload invoices at regular intervals to avoid bulk uploads. Bulk uploads take a lot of time. So to avoid waste of time, upload your invoices at regular intervals.

3. Can I change uploaded bill?

A. Yes, you can change it. But don’t submit it until you are sure about your uploads.

4. What are the modes for filing GSTR-1?

A. Online GST portal or using third party application by Application Software Provider (ASPs).

5. What are the prerequisites to filing GST?

A. The taxpayer should be registered and have an active GSTIN. The taxpayer should have a valid and working registered mobile number. The taxpayer should have valid login credentials.

Conclusion

Make sure you are ready with all the required things before filing GSTR-1 return. File before the due dates and enjoy the benefits.