GST or Goods and Services Tax is governed by two acts passed by the Parliament: IGST (Integrated Goods and Services Tax) Act and the CGST (Central Goods and Services Tax) Act.
These acts mention GST returns, which are compulsory for all registered taxpayers under the GST regime.
GST returns means reporting the tax collected by the businesses and sharing the information along with the tax collected with the Govt. GST returns should include all sales and purchases made for a specific period.
GSTR 1 is one of the most essential GST returns to be filed by registered taxpayers within GST Returns.
In this article, we will share everything you wish to know about GSTR 1 filing: how to file GSTR 1, and what is GSTR 1 late fee? Along with that, we will share the GSTR 1 format, and How to file GSTR 1 online, and how to file GSTR 1 offline?
In the end, we will share how you can get expert help and guidance for GSTR 1 filing, right here.
So, let’s start understanding how to file GSTR 1?
What Is GSTR 1 Filing?
GSTR 1 filing is a GST return that needs to be filed either monthly or quarterly, based on the business turnover.
GSTR 1 is a compulsory filing, and every registered taxpayer under the GST regime should file GSTR 1, whether they were able to transact goods or services or not.
GSRT 1 filing is always for the outward supplier, which is sales.
For businesses that have a turnover of less than Rs 1.5 crore, GSTR 1 filing needs to be done quarterly, while for those businesses which have a business turnover of more than Rs 1.5 crore, GSTR 1 filing needs to be done every month.
Who Should File GSTR 1?
Before we understand how to file GSTR 1, we must first understand who should file GST 1 returns?
Irrespective of the sales volume, GSTR 1 filing is mandatory for all registered taxpayers under GST, based on the business turnover: monthly or quarterly.
However, there are a few exemptions.
These entities and persons )are not mandated for GSTR 1 filing:
Non-resident taxable person
Input Service Distributors
Taxpayer liable to collect TCS
Online information and database access suppliers or retrieval services (OIDAR). (They are exempted since they need to pay taxes themselves under Section 14 of the IGST Act.)
Taxpayer liable to deduct TDS
Later in the article, we will share GSTR 1 late fee is applicable for all businesses. But before, let’s understand how to file GSTR 1, both online and offline.
How To File GSTR1?
GSTR 1 can be filed both online and offline. For online, the filing needs to be done via the GST portal.
For offline filing, users need to access the GST portal and download an offline kit containing GSTR 1 format.
How To File GSTR 1 Online:
- Login to the GST portal using your registered id and password
- Visit the “Services” category, and under that, click “Returns”.
- After that, the Returns dashboard will be opened.
- Select the financial year and month.
- At this point, you will receive two options: Prepare the return file online or offline.
- We will select online, click “Prepare Online.”
- Here, you need to enter the details about outward supplies or sales.
- Enter the aggregate turnover for the last financial year, current quarter
- And, 11 tables will show, wherein details for all outward supplies needs to be entered.
- Tables 4A, 4B, 4C, 6B, 6C are used for filing B2B invoice details.
- Tables 5A, 5B are used for filing large invoices under B2C.
- Table 9B is for debit or credit notes (registered)
- Table 9B for unregistered debit or credit notes
- Table 6A for export invoices
- Table 7- B2C for other details
- Tables 8A, 8B, 8C, 8D for nil rated supplies
- Tables 11A(1), 11A(2) for tax liabilities (advance received)
- Table 11B(1), 11B(2) for adjustment of invoices
- Table 12 is for HSN wise summary.
- Table 13 for documents issued
How To File GSTR 1 Offline
GSTR 1 filing can be made offline by downloading a kit, which will have GSTR1 format, and all the necessary help required.
- Visit GST portal
- Click: Downloads > Offline tools > Returns Offline tool > Click Download button to download the zip folder
- Unzip the folder, and you will find a kit for offline GSTR 1 filing, which will have the File for GSTR 1 format as well.
- This offline filing kit contains: GST offline tool, table/section-wise CSV files, GSTR1 & GSTR2 Excel Workbook Template, user manual and Read me File. You can find the complete GSTR 1 format
- Once the offline tool is installed, taxpayers can file the GSTR 1 returns, just like online submission.
- At the end, prepare JSON file, and upload in the Returns dashboard, by selecting Prepare Offline option.
GSTR 1 Late Fees
To impose a system and make all the taxpayers realize the importance of GST filing, Govt of India has introduced GST 1 late fee in case of delay in the filing of GST returns.
Initially, GSTR 1 late fee was Rs 200 per day of delay, which included Rs 100/day based on the CGST Act and Rs 100/day based on the SGST Act.
However, based on the feedback, the Govt decided to reduce GSTR 1 late fee.
As per the latest information, GSTR 1 late fee is Rs 50 per day of delay and Rs 20 for nil return.
Note here that the due date of the GSTR 1 filing is the 11th of the next month.
Hence, the due date for GSTR 1 filing for October will be November 11th, for the quarter October to December will be January 11th. (due to the coronavirus pandemic, the due dates for some quarters were extended, and GSTR 1 late fee was exempted. Please check with the GST portal for the latest due dates and the applicable GSTR 1 late fee)
Visit here, If you want to know How to File Form 15G and 15H?
We at MSMEx can help you right away if you need more information and help on how to file GSTR 1, including GSTR 1 format, rules, and regulations.
All you need to do is, Book an appointment with a GST and Taxation expert on our unique micro-advisory platform MSMEx, and clear all your doubts and queries, live!