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Introduction

GSTR-1 is a return that needs to be filed by businesses registered under the Goods and Services Tax (GST) regime in India. It contains details of all the sales or outward supplies made by the business in a given period. GSTR-1 helps the government to calculate the amount of tax that needs to be collected from businesses and to verify the accuracy of the tax paid by them. It is important for businesses to file GSTR-1 on time and accurately to avoid penalties and comply with GST regulations.

So get the full details of gstr1.

Eligibility of GSTR1 

To be eligible to file GSTR-1, a business needs to be registered under the Goods and Services Tax (GST) regime in India. Additionally, businesses with a turnover of up to Rs. 1.5 crore can file GSTR-1 on a quarterly basis, while those with a turnover above Rs. 1.5 crore need to file it monthly. Filing GSTR-1 is mandatory for all eligible businesses, and non-compliance can result in penalties and other consequences. Therefore, it is important for businesses to check their eligibility and file GSTR-1 within the specified due dates to comply with GST regulations.

Details required for GSTR-1

GSTR-1 contains several details that need to be provided by businesses, including basic details of the taxpayer, details of outward supplies, details of advances received, HSN-wise summary of outward supplies, documents issued during the reporting period, and amendments to details of outward supplies. It is important to ensure that all these details are accurate and complete while filing GSTR-1.

Process for filing GSTR-1

Businesses can file GSTR-1 online through the GST portal. The process for filing GSTR-1 involves the following steps:

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            1- Login to the GST portal with the valid credentials.

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            2- Navigate to the GSTR-1 section and select the relevant tax period.

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        3- Fill in the full details in gstr1 of outward supplies and other relevant details.

        4- Preview the GSTR-1 form and verify the details entered.

        5- Submit the form and generate an acknowledgement receipt.

Consequences of non-compliance

Non-compliance with GSTR-1 can result in penalties and other consequences. Late filing of GSTR-1 can attract penalties of Rs. 200 per day of delay, subject to a maximum of Rs. 5,000 for businesses with a turnover of more than Rs. 1.5 crore. For businesses with a turnover of up to Rs. 1.5 crore, the late fee is Rs. 50 per day of delay, subject to a maximum of Rs. 2,500. Moreover, non-compliance can also result in the suspension or cancellation of the GST registration of the business.

Common mistakes to avoid

  1. Businesses should avoid making common mistakes while filing GSTR-1, including:
  2. Incorrect or incomplete details of outward supplies.
  3. Incorrect HSN codes.
  4. Not reporting advances received during the reporting period.
  5. Not reporting amendments to details of outward supplies.
  6. Late filing of GSTR-1.

Conclusion

Filing GSTR-1 on time and accurately is important to comply with GST regulations and avoid penalties. Businesses need to ensure that they provide all the required details accurately while filing GSTR-1 and file it within the specified due dates. They should also avoid common mistakes while filing GSTR-1 to prevent any consequences of non-compliance. Filing GSTR-1 is an essential part of GST compliance, and businesses should take it seriously to avoid any legal and financial repercussions.