Every registered dealer in India is required to submit GSTR-1 on a monthly or quarterly basis. The GSTR-01 return includes information on outbound supply.
The deadlines for filing GSTR-1 change depending on your turnover. Businesses with a combined annual turnover of more than Rs. 5 crores are required to submit the GSTR-1 return on a monthly basis. Businesses with a combined annual turnover of up to 5 crores, however, have the option of filing the report on a quarterly basis.
- GSTR-1 Form Features
To know how much money they made or lost in a given month, all registered taxpayers are required to fill out Form GSTR-1 with the sale information related to their firm.
GSTR-1 for a particular month is filed on or before the 11th day of the immediately succeeding month. In other words, GSTR-1 of a month can be filed any time between 1 and 11th day of the succeeding month. For example: GSTR 1 for month of March should be filed between 1st and 11th day of April.
Taxpayers must fill out the applicable fields with invoice-specific information.
Sales from the taxpayers’ business include supplies for unregistered individuals, registered individuals, and credit notes, debit notes, export, and adjustments to purchases that were previously reported.
- Relevance of GSTR-1
Prior to the implementation of GST, departmental authorities frequently needed confirmation from suppliers to verify the validity of purchase invoices. Additionally, buyers were unable to verify whether suppliers had properly paid their output liabilities or whether they had uploaded their invoice details.
But, this process has gone online under the GST regime. When you submit GSTR 1 as a supplier with party- and invoice-specific information, such sales reflect in the relevant buyer’s GSTR-2A as purchases and they are then eligible to claim a credit on that amount.
- Who Must Submit GSTR-1
With the exception of the following, all GST-registered firms and taxpayers are required to submit a GSTR 1.
(a) Input Service Distributor
(b) Composition Dealers
(c) Suppliers of OIDAR (Online Information and Database Access or Retrieval)
(d) Non-resident Taxable Person
(e) Taxpayer Required to Collect TCS and Deduct TDS
- GSTR-1 due Date and Penalties
The GSTR-1 filing deadlines are obviously based on your company’s annual turnover. Companies must submit GSTR-1 forms on a monthly basis if their combined annual turnover is more than 5 crores rupees. Business organizations having a combined annual turnover of up to 5 crores, however, have the option of filing GSTR-1 on a quarterly basis.
Due date for filing GSTR-1 for a particular month is on or before the 11th day of the immediately succeeding month i.e. GSTR 1 for month of March will be filed on or before 11th day of April. Form GSTR-1 for the quarter of January to March, 2023, needs to be filed by 13th April, 2023.
A late fine of Rs. 100 per day of delay will be charged( subject to a maximum amount of 5000 rupees) if any taxpayer fails to file GSTR 1.From the due date to the date GSTR 1 is filed, late fee are calculated.
