What is GSTR-1?
GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer.
It contains details of all outward provides i.e sales.
The return has a total of 13 sections.
Who should file GSTR-1?
Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.
The following registered persons are exempt from filing the return:
Input Service Distributors
Composition Dealers
Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
Non-resident taxable person
Taxpayer liable to collect TCS
Taxpayer liable to deduct TDS
How to revise GSTR-1?
Return once filed cannot be revised. Any mistake made in the return can be rectified in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1.
Late Fees and PenaltLate Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act. The late fees will be charged from the date after the due date.
Latest Update: The late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return)
How to File Nil GSTR 1 Return on GST PortalShould a dealer with Zero sales file GSTR 1?
A dealer has to file GSTR 1 even if he has no business activity in a month i.e. no sales in a monthIn case of no outward supplies, a dealer has to file a Nil GSTR 1
How to file Nil GSTR 1?
Here is a step-by-step guide on how to file Nil GSTR 1 on GST Portal –
It is essential for taxpayers to validate the data of their transactions before proceeding with the process of filing returns, as it saves time and unnecessary data entry. To cater to this purpose, the GST portal has now been integrated with the E-way Bill Portal (EWB). The integration enables the users to import the B2B and B2C invoice sections and the HSN-wise-summary of outward supplies section. Using these details, the taxpayers may verify the data and complete the filing.
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