GSTR-1 Return Filing: Comprehensive Guide on Due Date, Formats, Late Fees and Rules

Picture this–You’re running a successful business, everything is going smoothly until it’s time to handle your GST returns. GSTR-1, a crucial part of this process, might seem intimidating at first, but it’s essential for every registered taxable person. This return captures all your outward supplies of goods and services, ensuring that the sales data of your business is transparent and accountable.

But what makes GSTR-1 so important? It plays an important role in the reconciliation of input tax credit (ITC). By filing of GSTR-1, you make your sales data available to your buyers, allowing them to claim ITC without a hitch. This not only solidifies your business relationships but also upholds the integrity of the GST system.

The importance of GSTR-1 extends beyond mere compliance. Proper filing helps you avoid penalties and interest on late payments, ensuring your business remains in good standing with tax authorities. This fosters trust and credibility, essential components of a thriving business.

Mastering GSTR-1 is not just about meeting legal requirements—it’s about ensuring smoother business operations and securing financial stability. In this blog, we’ll discuss GSTR 1 last date, filling date, late fee, process and other important things you need to know for a seamless compliance.

Understanding GSTR-1

GSTR-1 is a crucial return that every registered GST taxpayer must file either monthly or quarterly, depending on their turnover. This return captures the details of all outward supplies (sales) made by the taxpayer. It plays a significant role in ensuring the smooth functioning of the GST system and helps maintain transparency in the supply chain.

There are in total 13 sections given in the GSTR-1. Here’s a list of all to give you a complete idea.

Comparison Between GSTR-1 and Other GST Returns (GSTR-3B, GSTR-9 and Rest)

Managing your business’s GST returns can feel overwhelming, especially with so many different types. Let’s get into the details of each of them-

GSTR 1 is like a monthly or quarterly sales report. It lists all the goods and services you have sold so your buyers can claim their Input Tax Credit (ITC).Think of it as keeping your sales ledger transparent and up-to-date.

GSTR-3B is your monthly tax summary. It captures the total sales, the tax you’ve paid, and the credit you’ve claimed, without needing detailed invoices. It’s a quick, self-declared snapshot to keep your tax payments on track.

GSTR-9 is the big annual wrap-up. It consolidates all the details from your monthly or quarterly returns, giving a complete picture of your yearly GST activities, including sales, purchases, taxes paid, and credits claimed.

GSTR-1 Due Dates

The filing deadlines for GSTR-1 are determined by your business’s annual turnover.

If your business has an annual turnover of up to Rs. 5 crore, you have the option to file quarterly returns under the QRMP (Quarterly Return Monthly Payment) scheme. These quarterly returns need to be submitted by the 13th of the month following the end of the quarter.

For businesses with an annual turnover above Rs. 5 crore, or those not opting for the QRMP scheme, monthly filing is required. These returns must be filed by the 11th of the following month. Additionally, an amendment to Section 37 of the CGST Act stipulates that GSTR-1 cannot be filed for a tax period more than three years after the original due date for that period. Here’s the detailed schedule of the GST due dates for 2024.

Who needs to file the GSTR 1?

The GSTR-1 is a crucial monthly or quarterly return for businesses under GST. It details all outward supplies of goods and services. The GSTR 1 return file is mandatory for:

1. Regular Taxpayers: All businesses and professionals registered under GST must file GSTR
2. Casual Taxable Persons: Those occasionally dealing in supplies must adhere to the GSTR 1 filing date.
3. Non-Resident Taxable Persons: Non-residents providing goods or services in India need to submit the GSTR-1 return.
4. SEZ Units and Developers: Special Economic Zone units and developers are required for filing of GST R1.
5. Deemed Exporters: Those involved in deemed export transactions must ensure they meet the GSTR 1 due date.
6. Input Service Distributors: Entities distributing input services across branches.
7. Persons Required to Deduct Tax (TDS): Entities mandated to deduct tax at source.
8. E-commerce Operators: Required to collect tax at source, ensuring their GSTR 1 file process is up-to-date.

How to change GSTR 1?

Once you’ve submitted your GSTR-1, direct revisions aren’t possible. But don’t worry—corrections can still be made in future returns. Here’s a simple guide to get it right:

1. Login to GST Portal: Start by accessing the portal with your credentials. It’s your gateway to managing your returns efficiently.
2. Navigate to GSTR-1: Go to the ‘Services’ menu, select ‘Returns’, and then head to the ‘Returns Dashboard’. This is where the magic happens!
3. Select the Relevant Period: Pick the financial year and return period for the correction. Make sure you’re editing the right time frame.
4. Amend Details:
   • For B2B Invoices: Use Table 9A to make necessary adjustments.
   • For B2C Large Invoices: Head to Table 9B for any updates.
   • For Credit/Debit Notes: Table 9C is your go-to for these amendments.
   • For Export Invoices: Make changes via Table 9A.
5. Save and Submit: Don’t forget to save your changes before hitting submit!

By following these steps, you can ensure that your GSTR 1 return file is accurate and up-to-date, even if there were initial hiccups. Keeping your records precise helps you avoid complications and stay compliant.

GSTR 1 late fee

Missing the GSTR 1 due date incurs a late fee for GSTR 1. Here’s the breakdown:

• For Nil Return: INR 20 per day (INR 10 each for CGST and SGST).
• For Other Returns: INR 50 per day (INR 25 each for CGST and SGST).

The maximum GSTR 1 late filing fees is capped at Rs. 10,000 per return period. Remember, there’s no late fee for IGST.

Key Dates and Reminders

• Always check the GSTR 1 last date to avoid penalties.
• Familiarise yourself with the format of GSTR1 to ensure proper filing.
• Be aware of the GSTR 1 filing last date to maintain compliance.

By adhering to these guidelines, you can streamline your GSTR 1 file process and avoid any unnecessary late fees. Keep an eye on the GST R1 due date to ensure timely compliance and smooth operations.

Conclusion

Effective GSTR-1 filing is vital for maintaining compliance and avoiding unnecessary penalties. By staying informed about filing deadlines, adhering to the correct format, and understanding the impact of late submissions, you ensure that your business operates smoothly and remains in good standing with GST regulations.

To streamline this process and keep your compliance efforts on track, explore Febi.ai’s advanced compliance calendar. Our GST calendar offers real-time updates on paid, due, and pending dates, along with instant access to critical GST reports and statements. Febi.ai’s designed to help you stay organised and proactive in managing your GST obligations. Additionally, it offers AI-powered Bookkeeping, 20+ important financial statements and reports, smart invoicing, paperless file management and several other capabilities important for business stakeholders and CFOs.

Don’t let compliance challenges hinder your business. Book a demo of Febi.ai today to discover how our innovative solutions can simplify your GST management and enhance your efficiency. Empower your business with precise, timely compliance—experience the difference with Febi.ai.

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