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There are various forms that taxpayers can use to file their Goods and Services Tax (GST) returns. These forms are classified based on the frequency of filing returns and the kind of transactions made by a registered taxpayer. At present, there are as many as 15 types of GST return filing forms. Among these, GSTR-1 is one of vital importance. 

GSTR-1: An In-Depth Understanding

GSTR-1 is a GST returns filing form that must be filled out monthly or quarterly, depending on the annual turnover. If the yearly turnover is above Rs. 1.5 crore, the return must be filed monthly. On the other hand, if it is below Rs. 1.5 crore, then the return can be filed quarterly.

All taxpayers who make outward sales must file the GSTR-1 form. Registered dealers need to file it even for months without transaction records. If you are a ‘nil’ GSTR-1 filer, you can avail the facility to file your returns through the SMS service. This service was recently introduced in July 2020.

How can you file GSTR-1?

Filing the GSTR-1 form is a simple process if you follow these steps:

Step 1: Visit the GST portal and use your credentials to log in to the account.

Step 2: Look for the ‘Services’ tab and click on it.

Step 3: Look for the ‘Returns’ option and click on the ‘Returns Dashboard’.

Step 4: The drop-down menu will let you select the financial year and the period for which you wish to file the return.

Step 5: Select ‘Search’.

Step 6: You will be presented with the ‘Details of outward supplies of goods and services’ option. Select ‘Prepare Online’ if you have more than 500 invoices.

Step 7: You can begin filling in the sections with the relevant details.`

Last date for filing GSTR-1

The annual turnover of your business dictates the applicable due date for filing GSTR-1. It may be filed monthly or quarterly depending upon the turnover. 

Business with turnover

GSTR-1 due date

Above Rs. 1.5 cr.

11th of the following month

Below Rs. 1.5 cr.

Last date of the month that succeeds the quarter

Can you revise GSTR-1?

There is no way to reverse GSTR-1 once filed. If you end up making an error with the return, it can be rectified in the following month or quarter.

For example: If you think that you made a mistake when filing the GSTR-1 in January 2021, you can rectify the mistake in the next filing, i.e. in February 2021.

Penalty fees for late GSTR-1 filing

As per the GST law, you incur a late fee if you file your returns post the due date. The late fee is charged daily after the due date. The latest amendment in the penalty cost has reduced the late fees to Rs. 50 per day. In the case of nil returns, the fee is Rs. 20 for each day.

Taxpayers exempted from filing this return include

  • Taxpayers that are liable to collect TCS and TDS.
  • Non-resident taxable persons.
  • Registered dealers under the GST composition scheme.
  • Input Service Distributors (ISDs).
  • Suppliers of online information database access and retrieval services.

You will conclude the filing of the GSTR-1 form once you follow these steps correctly. Now that you understand the requisites, you’re equipped to file your GSTR-1 return without any hassles. Bajaj Finserv MARKETS further facilitates your tax filing journey and keeps you updated on all the latest details and developments concerning GST. Follow Finserv MARKETS to always stay well-informed.

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