GSTR-1: An Overview

What is GSTR-1?

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are within range and perfectly aligned.

An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as returns for the supplies, returns for the purchases made, monthly returns, and annual returns.

GSTR 1 is a form that accounts for the outward supply of goods. It is a monthly or sometimes quarterly return that you have to file to account for your business. It means any individual involved in the supply of goods needs to specify the supply and recipient details. By doing so, the returns for the inward supply will be auto-populated with the details filed in GSTR 1. Since GSTR 1 is the foundation that affects other GST forms, you must fill it with utmost care.

The due date for GSTR-1 is the 11th of the subsequent month. After the due date, a late fee of Rs 200 is applicable as per the act, but post to the notifications provided up to Feb 2021, the late fees will be carried on to get levied on somewhat a less fee of Rs 50 per day and Rs 20 per day for nil return.

What is required for GSTR-1 Filing?

You need to have the below documents and information ready with you, to file GSTR 1:

A valid and genuine goods and services tax identification number (GSTIN)

The user ID and password to sign into the portal

Sales Invoices/ Register (if any)

Credit Notes (if any)

Amendment in previous invoices (if any)

HSN-wise summary (if applicable)

A valid digital signature certificate (DSC) unless you can e-sign the form as per your categorisation as a supplier

Aadhaar number if you are going to e-sign the form

Access to the mobile number mentioned on your Aadhaar card  

 

Is HSN mandatory?

Vide Notification No. 78/2020 – Central Tax dated 15th October 2020, it is mandatory for the taxpayers to report a minimum of 4 digits or 6 digits of HSN Code in Table-12 of GSTR-1 on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year.

Taxpayers with AATO of up to 5 crores:

Taxpayers are required to mandatorily report 2-digit HSN codes for goods & services.

Taxpayers with AATO of more than 5 crores:

Taxpayers would be required to mandatorily report a 6-digit HSN code.

What are the due dates for filing other GST returns?

GSTR 3B:The 20th of that subsequent month

CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.

GSTR 4: 18th of the month succeeding the quarter.

GSTR 5: 20th of the subsequent month

GSTR 6: 13th of the subsequent month

GSTR 7: 10th of the subsequent month

GSTR 8: 10th of the subsequent month

GSTR 9: 31st December of the Fiscal year.

GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.

GSTR 11: 28th of the month that is following the month for which the statement was filed.