As a leading provider of tax and accounting services, CA ADDA is committed to helping businesses navigate the complexities of GST compliance. In this blog, we delve into the details of GSTR-1, one of the crucial GST returns that every registered taxpayer must file.

What is GSTR-1?

GSTR-1 is a monthly or quarterly return that a GST-registered business must file to report its outward supplies (sales) for the given period. This includes details of invoices, credit/debit notes, and other relevant information.

Who Needs to File GSTR-1?

All GST-registered businesses, except those under the Composition Scheme or the Quarterly Return Monthly Payment (QRMP) Scheme, are required to file GSTR-1 on a monthly basis.

Businesses with an annual turnover of up to ?5 crore can opt for the QRMP Scheme and file GSTR-1 on a quarterly basis.

Key Details Reported in GSTR-1

GSTR-1 requires the reporting of the following details:

• Invoices: Information about the supply of goods or services, including the invoice number, date, value, and the GST charged.
• Credit/Debit Notes: Details of any credit or debit notes issued during the reporting period.
• Advances Received: Details of any advances received from customers for future supplies.
• Exports: Information about zero-rated supplies (exports) made during the period.
• Supplies to SEZ Units/Developers: Details of supplies made to Special Economic Zone (SEZ) units or developers.
• Deemed Exports: Information about deemed exports, where the goods are manufactured in India and supplied to certain categories of recipients.
• Supplies to Registered Persons: Details of supplies made to other GST-registered businesses.
• Supplies to Unregistered Persons: Information about supplies made to unregistered customers.

GSTR-1 Filing Deadlines

The due dates for filing GSTR-1 are as follows:

• Monthly filers: 11th of the following month
• Quarterly filers (QRMP Scheme): 13th of the month following the quarter

It is crucial to file GSTR-1 within the stipulated deadlines to avoid late fees and penalties.

Consequences of Non-Filing or Late Filing

Failure to file GSTR-1 or filing it after the due date can result in the following consequences:

• Late filing fee of ?100 per day (up to a maximum of ?5,000)
• Restriction on the ability to file GSTR-3B (summary return) and claim input tax credit
• Initiation of enforcement actions by the GST authorities

Tips for Accurate GSTR-1 Filing

To ensure accurate and timely GSTR-1 filing, businesses should:

• Maintain proper records of all invoices, credit/debit notes, and other relevant documents.
• Reconcile the data in GSTR-1 with the books of accounts and other financial records.
• Seek professional guidance from CA ADDA to navigate the complexities of GST compliance.
• Leverage technology solutions, such as GST software, to automate the GSTR-1 filing process.

By understanding and complying with the GSTR-1 requirements, businesses can avoid penalties, maintain a good standing with the GST authorities, and ensure seamless GST compliance.