gstr1-the-basic-guide


Introduction

Looking for a basic guide of GSTR1? Our article provides all the basic details so If you're a registered taxpayer under the Goods and Services Tax (GST) regime in India, filing accurate returns is crucial to avoid penalties and interest charges. One such return is GSTR1, which requires you to provide details of your outward supplies. If you're looking for a basic guide on GSTR1, look no further. Our article provides you with all the essential details you need to know about GSTR1. Whether you're a small business owner or a large corporation, understanding the filing process and complying with GST laws is critical to the success of your business. So, let's dive into the world of GSTR1 together, only on Skill Sikho

GST R1: The Basic Guide

The Indian government introduced the Goods and Services Tax (GST) on 1st July 2017 to replace multiple indirect taxes like excise duty, service tax, and value-added tax. The GST is a comprehensive indirect tax system that operates on a destination-based principle. This means that the state where the goods or services are consumed collects the tax revenue. Under the GST regime, businesses are required to file various returns, one of which is GSTR-1. In this blog, we will discuss everything you need to know about GSTR-1.

What is GSTR-1?

GST R1 is a monthly or quarterly return that is required to be filed by all registered taxpayers under the Goods and Services Tax (GST) regime. The return provides details of outward supplies (Sales) made during the reporting period, including the name and GSTIN of the recipient, the value of goods or services supplied, the tax rate and amount, and the place of supply. Registered taxpayers must file GSTR-1 monthly or quarterly to report their outward supplies. The return includes recipient name and GSTIN, details of goods or services supplied, tax rate and amount, and place of supply.

Who needs to file GSTR-1?

Registered taxpayers under GST, excluding those under the composition scheme, must file GSTR-1. They must file a nil return even if they did not make any outward supplies during the reporting period

When is GSTR-1 due?

GSTR-1 is due on the 11th of the month following the reporting period. For example, the GSTR-1 return for the month of January must be filed by 11th February. For taxpayers with an annual turnover of up to Rs. 1.5 crore, the GSTR-1 return can be filed on a quarterly basis, while for those with an annual turnover exceeding Rs. 1.5 crore, it must be filed on a monthly basis.

What are the consequences of not filing GSTR-1?

Failure to file GSTR-1 by the due date can result in penalties and interest. The penalty for late filing of GSTR-1 is Rs. 200 per day of delay (Rs. 100 under CGST and Rs. 100 under SGST or UTGST) subject to a maximum of Rs. 5,000. In addition to the penalty, interest at the rate of 18% per annum will be levied on the tax liability.

How to file GSTR-1?

The steps to file GSTR-1 are as follows:

  1. Login to the GST portal using your credentials.
  2. Navigate to the 'Returns Dashboard' section.
  3. Select the financial year and the reporting period for which GSTR-1 needs to be filed.
  4. Click on 'Prepare Online' to start filling the details in the return form.
  5. Verify the details entered and click on 'Preview Draft GSTR-1'.
  6. If all details are correct, click on 'Submit' to file the return.
Once the return is filed, an acknowledgment will be generated, which can be downloaded and saved for future reference. You can file GSTR-1 online on the GST portal.
We also provide services related to GST.

Conclusion

In conclusion, GSTR-1 is an important return that needs to be filed by all registered taxpayers under GST. Timely and accurate filing of GSTR-1 can help businesses avoid penalties and interest and ensure compliance with the GST laws.