GSTR-1 Filing Guide: Compliance Tips 2024, Step by Step guide, Format, Late Fees, Eligibility & Rules, Due Date
GSTR-1 Filing Guide: Compliance Tips 2024 Filing GSTR-1 is a vital task for businesses under the GST system. This guide will walk you through the basics, recent updates, and essential tips for filing GSTR-1 in 2024. Let’s make GSTR-1 filing easy and hassle-free. Latest Updates on GSTR-1A 22nd June 2024 In the 53rd GST Council meeting, the GST Council recommended that a new optional facility in Form GSTR-1A will be introduced for taxpayers to add/amend details filed in the GSTR-1 (or IFF) for a tax period before filing their GSTR-3B for the same tax period. What is GSTR-1? GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales. The return has a total of 15 sections, listed down as follows: Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the previous year Table 4: Taxable outward supplies to registered persons (including UIN-holders) excluding zero-rated supplies and deemed exports Table 5: Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs.2.5 lakh Table 6: Zero-rated supplies as well as deemed exports Table 7: Taxable supplies to unregistered persons other than the supplies covered in table 5 (net of debit notes and credit notes) Table 8: Outward supplies that are nil rated, exempted and non-GST in nature Table 9: Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during the current period) Table 10: Debit note and credit note issued to unregistered person Table 11: Details of advances received or adjusted in the current tax period or amendments of the information reported in the earlier tax period. Table 12: Outward supplies summary based on HSN codes Table 13: Documents issued during the period. Table 14: For suppliers – Reporting ECO operators’ GSTIN-wise sales through e-commerce operators on which e-commerce operators are liable to collect TCS u/s 52 or liable to pay tax u/s 9(5) of the CGST Act Table 14A: For suppliers – Amendments to Table 14 Table 15: For e-commerce operators – Reporting both B2B and B2C, suppliers’ GSTIN-wise sales through e-commerce operators on which e-commerce operator must deposit TCS u/s 9(5) of the CGST Act Table 15A: For e-commerce operators –Table 15A I – Amendments to Table 15 for sales to GST registered persons (B2B)Table 15A II – Amendments to Table 15 for sales to unregistered persons (B2C) Who Should File GSTR 1? GSTR 1 must be filed by every registered taxpayer. It has to be filed even if the taxpayer has had no transactions in a month. Registered individuals who do not have to file this form include : Taxpayers liable to collect TDS. Those liable to collect TCS. Suppliers of Online Information Database Access and Retrieval (OIDAR) services (as per Section 14 of the IGST Act). Non-resident taxable persons. Taxpayers registered under the GST composition scheme. Input Service Distributors (ISDs). Understanding GSTR-1 Filing Process Importance of GSTR-1 Filing GSTR-1 is a monthly GST return that contains details of all outward supplies. Filing GSTR-1 accurately is crucial for businesses to ensure compliance with GST regulations. It helps in maintaining transparency and avoiding penalties. GSTR-1 Filing due date The due dates for GSTR-1 are based on your aggregate turnover.Businesses with sales of up to Rs.5 crore have an option to file quarterly returns under the QRMP scheme and are due by the 13th of the month following the relevant quarter.Whereas, those taxpayers who do not opt for the QRMP scheme or have a total turnover above Rs.5 crore must file the return every month on or before the 11th of the next month. GSTR-1 Filing late fees and penalty The following table explains the late fee to be charged (for other than nil GSTR-1 filing cases): NAME OF THE ACT LATE FEES FOR EVERY DAY OF DELAY MAXIMUM LATE FEE (IF THE ANNUAL TURNOVER IN THE PREVIOUS FINANCIAL YEAR IS UP TO RS.1.5 CRORE) MAXIMUM LATE FEE (IF THE ANNUAL TURNOVER RANGES BETWEEN RS.1.5 CRORE AND RS.5 CRORE) MAXIMUM LATE FEE (IF THE TURNOVER IS MORE THAN RS.5 CRORE) CGST Act, 2017 Rs 25 Rs 1,000 Rs 2,500 Rs 5,000 Respective SCGT Act, 2017 / UTGST Act, 2017 Rs 25 Rs 1,000 Rs 2,500 Rs 5,000 Total late fees to be paid Rs 50 Rs 2,000 Rs 5,000 Rs 10,000 The following table explains the late fee to be charged (for other than nil GSTR-1 filing cases): NAME OF THE ACT LATE FEES FOR EVERY DAY OF DELAY MAXIMUM LATE FEE CGST Act, 2017 Rs 10 Rs 250 Respective SCGT Act, 2017 / UTGST Act, 2017 Rs 10 Rs 250 Total late fees to be paid Rs 20 Rs 500 The original late fees used to be Rs.100 per day under each CGST Act and respective SGST/ UTGST Act. Also, the original late fee for Nil return filers used to be Rs.25 per day under each CGST Act and respective SGST/ UTGST Act. However, CBIC has notified reduced late fees to provide relief for businesses having difficulties in GST return filing.Also, the CBIC issued notification 20/2021 dated 1st June 2021, to cap the maximum late fee chargeable from June 2021 onwards. The following table explains the late fee to be charged in case of nil GSTR-1 filing: Common Mistakes to Avoid in GSTR-1 Filing To file GSTR-1, you need several documents: Invoices for all sales Debit and credit notes Details of any advances received HSN codes for goods and services Remember, accuracy in filing is key to smooth GST compliance. Step-by-Step Guide to GSTR-1 Filing Filing GSTR-1 can seem daunting, but breaking it down into simple steps makes it manageable. This guide will walk you through the process, ensuring you meet all requirements and avoid common pitfalls. Eligibility Criteria Before you start, ensure you meet the eligibility criteria as mentioned in above sections for filing GSTR-1. Generally, any registered taxpayer involved in the supply of goods or services must file this return. However, there
