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Introduction-about-GSTR-1

 

Introduction about GSTR-1

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Introduction-

GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies* i.e. sales, details of business irrespective of whether the transaction was done or not in a month.

*Outward supplies include supplies to an unregistered person, registered person, exempted and exports, received advances and non-GST supplies.

 

Who should file GSTR-1-

All the registered persons under GST, need to file the return except:

  • Input Service Distributors
  • Composition Dealers
  • Non-resident Taxable Person
  • Taxpayers liable to collect TCS
  • Taxpayers liable to deduct TDS
  • Suppliers of OIDAR (Online Information and Database Access or Retrieval)
   

Due date to file GSTR-1-

The due dates for filing GSTR-1, after September 2018, will remain same as below-

Particulars

Return Period

Due date for filing GSTR-1

Registered person having turnover up to Rs. 1.50 Crore in the financial year

Quarterly

By the 31st of next quarter

Registered person having turnover over to Rs. 1.50 Crore in the financial year

Monthly

By the 11th of next month

 

 Revision of GSTR-1-

GSTR-1 once filed cannot be revised. Any mistake made in the return can be altered by amendment in the next month’s return.

 

 Late Fees and Penalty for non filing of GSTR-1-

Late 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 (i.e. Rs. 25/- on account of CGST or Rs. 25/- on account of SGST) and Rs 20 per day (i.e. Rs. 10/- on account of CGST or Rs. 10/- on account of SGST) in case of Nil return.

 

How to File GSTR-1-

The detailed procedure how to file GSTR-1 given in the given blog.

 
See related posts : How to file GSTR-1



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