What is GSTR 1?

GSTR 1 is a quarterly or monthly return that provides information about a business or individual’s outward supplies. It contains all of the information about debit notes, credit notes, revised bills, and supplies bills. Any registered company with GST registration must submit this. It is a form of return that displays all of a company’s outwards supplies. This return is divided into 13 parts. This return, however, was only effective until 9/2019. This will be succeeded by GST ANX-1 on October 1st, 2019. It is completely optional for taxpayers. 

Who should file GSTR 1?

Any registered individual who is engaged in a business is needed to submit GSTR 1. Even if there aren’t any purchases within the month, the taxpayer is expected to submit GSTR 1 monthly or quarterly in accordance with the rules.

The following registered taxpayer is excluded from submitting this return:

  • Composition dealers 
  • Non-resident taxable person 
  • Input service distributors 
  • Taxpayer liable to deduct TDS 
  • Supplier of Online Information and Database Access or Retrieval Services (OIDAR)
  • Taxpayer liable to collect TCS
gstr 1

Last date for filing GSTR 1?

The last date for filing GSTR 1 is determined by the company’s yearly profit.

Businesses with the sale of more than Rs. 1.5 crore are required to submit a monthly return.

Due dates for filing GSTR 1 for the filing monthly return is every 11th of the next month.

Example – 

  • March 2019 GSTR 1 will be filed on 11th April 2019 
  • May 2019 GSTR 1 will be filed on 11th June 2019

Businesses with a sale of equal to or below Rs. 1.5 crore are required to submit quarterly returns.

The following are the due dates for submitting GSTR 1 for the quarterly return.

October – December 2018 will be filed on 31st January 2019 

January – March 2019 will be filed on 30th April 2019

Must Read – What is GSTR 2?

What is the late fee for GSTR 1?

The previous fine for delayed filing was ₹200/day.

 Normal Return – The taxpayer shall pay late fees of ₹50/day if the GSTR 1 is not filed on time.Nil Return – The fee has been decreased from ₹50 to ₹20.
For intra state suppliesFine is divided into – ₹25 for CGST & ₹25 for SGSTFine is divided into – ₹10 for CGST & ₹10 for SGST
For inter state supplies  :₹50 for ISGTNot relevant

Can you revise or make correction in filed GSTR 1?

Once filed, GSTR 1 cannot be corrected or updated. If you make an error on this return, the only solution is to fix it on your next return date, be it a month or a quarter.

For example, if an error has occurred in GSTR 1 of May, this can be corrected in GSTR 1 of June.

If the taxpayer’s information varies from the original information for any tax year, the mistake must be corrected in an authorised way, and the individual must pay any appropriate tax or interest. As a result, the submission of GSTR-1 really hasn’t resulted in any late fee penalty form small businesses till 31/03/2019.

Late fees for GSTR 1 are fully waived for payers in different regions of flood-affected states as well as all regions of J&K.

Late fees are now restricted to ₹10,000 per return.