GSTR 1: Filing Requirements, Due Dates & Information to be Submitted Through It Â
The GSTR 1 is a monthly or quarterly return and the taxpayer uses it to summarize all sales of outward supplies of goods and services. All registered taxpayers under the GST have to file the GSTR 1 irrespective of any transactions made in a financial year. Those who recorded nil transactions can file the GSTR 1 through SMS services that have recently been started. The following category of taxpayers is exempted from filing this form,
- Input Service Distributor
- Composition Dealers
- Non-resident Taxable Person
- Taxpayer Liable to deduct/collect TDS and TCS respectively
- Online Service Distributor (supplier of Online Information and Database Access or Retrieval OIDAR)
Due Date for GSTR 1
The businesses having an annual turnover of more than Rs 5Cr and do not have opted for the QRMP Scheme have to file the GSTR 1 before or on the 11th of each month. It is a monthly filing of GST returns for large businesses.
The taxpayers or business entities with annual turnover up to Rs 5 Cr and registered under the QRMP scheme can file the return by or before the 13th of the quarter. For businesses having an annual turnover of less than Rs 5 Cr, the GSTR 1 is a quarterly return.
Information to be Submitted Through GSTR 1
The GSTR 1 is broken down into several points for the feasibility of the taxpayers. Refer to the below-mentioned points to know the details required before filing this return
- The form requires GSTIN, Trade Name, Legal Name and Aggregate Income in the last financial year
- All taxable outward supplies to registered taxpayers
- All taxable outward supplies to all unregistered taxpayers (invoice value more than Rs 2.5 Lakh)
- Zero-rated supplies and deemed exports
- Taxable supplies to unregistered taxpayers other than those mentioned in point 3
- Nil rate, exempted and non-GST outward supplies
- Amendments to taxable outward supplies mentioned in points 2,3 and 4
- All debit and credit notes issued to unregistered person
- Details about advance payment received in the current tax period and amendments made in the previous tax year
- Outward supplies with HSN codes/SAC
- Documents issued in that period
- For suppliers and e-commerce operators liable to collect TCS and amendments
- For e-commerce operators, B2B, B2C, suppliers GSTIN and sales on which e-commerce operators have to deposit TCS and all amendments in sales for registered and unregistered persons
B2B supplies mean transactions between two registered persons or entities (business-to-business suppliers).
B2C supplies mean transactions between a registered supplier and an unregistered buyer (business-to-consumer supplies).
HSN-wise summary of outward supplies has to be furnished with rate and quantitative details.
Debit notes are to be reported in the return of the month issued by the supplier and credit notes are to be reported in the return of the month in which they are issued, not later than the return of the September month.
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Under the GST, exports are treated as zero-rated supplies, and taxpayers can claim ITC without paying integrated tax. If the exporter has paid IGST, he or she can claim the IGST amount paid.
To file GSTR 1, public and private limited companies, LLPs and Foreign LLPs must need to provide DSC.
To ensure that your businesses meet all legal compliance, file the regular GST returns. The process to file GSTR 1 can be quite cumbersome and lengthy, though with the help of TaxDunia, you can get it done with ease.
