What is GSTR-1?

A monthly or quarterly return that should be filed by each registered GST remunerator, except some as given in additional sections is said to be GSTR-1. It contains details of all outward sales. A complete process of GSTR-1 filing in Tambaram, Chennai includes the return features a total of thirteen sections, listed down as follows:

Tables 1, 2 & 3: GSTIN, legal and trade names, and accumulated turnover in the previous year

Table 4: nonexempt outward supplies to registered persons (including UIN-holders) excluding zero-rated supplies and deemed exports

Table 5: if the invoice worth is more than Rs.2.5 lakh nonexempt outward inter-state supplies to unregistered persons Table 6: Zero-rated supplies additionally as deemed exports

Table 7: non-exempt supplies to unregistered persons aside from the supplies lined in table five (net of debit notes and credit notes)

Table 8: Outward supplies that are nada rated, exempted, and non-GST in nature

Table 9: Amendments to outward supplies that are nonexempt and reported in table four,5& six of the sooner tax periods’ GSTR-1 return(including debit notes, credit notes, refund vouchers issued throughout this period)

Table 10: Unregistered person – Debit note and credit note issued 

Table 11: Details of advances adjusted within the current tax or received amount or amendments of the data reported in the earlier tax amount.

Table 12: Outward supplies outline supported HSN codes

Table 13: Documents issued throughout the tenure.

When is GSTR-1 due?

The due dates for GSTR-1 are depending on your turnover. Businesses with sales of up to Rs.5 crore have a choice to file quarterly returns underneath the QRMP theme and are due by the thirteenth of the month following the relevant quarter.

Who must file GSTR-1?

No matter whether or not there are any transactions throughout the tenure, every registered person is needed to file GSTR-1. For nil GSTR-1 filers, from the first week of July 2020, there’s a facility to file through an SMS. The subsequently registered persons are exempt from filing the GSTR-1:

❖ Input Service Distributors

❖ Composition Dealers

❖ Suppliers of online data and information access or retrieval services (OIDAR), who got to pay tax themselves (as per Section fourteen of the IGST Act)

❖ Non-resident nonexempt person

❖The taxpayer at risk of collect TCS

❖The taxpayer at risk of deducting TDS

How to revise GSTR-1?

A return once filed can’t be revised. Any mistake created in the return may be corrected in the GSTR-1 filed for the future month/quarter. Rectification for a similar slip-up may be created in the GSTR-1 of July 2021, if a slip-up is formed in GSTR-1 of June 2021.

Late Fees and Penalty

As per the GST law, a late fee for not filing GSTR-1 is 200 INR/day. The late fee is going to be charged from the date of maturity.

However, when surfing the notifications issued up to February 2021, the late fees will still be levied at a reduced fee of Rs.50/day and Rs.20/day for nil return. Note that on the GST portal, the late fee on GSTR-1 is presently not being demanded as a part of the payment challan in PMT-06 at the time of filing GSTR-3B. As per CGST notification, 20/2021 dated 1st June 2021, the utmost late fee guilty from the amount of June 2021 forwards.

Registered persons having no outward contributions within the tax amount are at risk of the latest fee of Rs.500 (Rs.250 per Act). Whereas, registered persons having a complete turnover of up to Rs.1.5crore within the preceding year, aside from the nada filers are at risk of a late fee of Rs.2,000 (Rs.1,000 per Act). On the opposite hand, the registered persons having an aggregate annual turnover of over Rs.1.5crore however up to Rs.5crore within the preceding year, aside from the nada filers may be charged a most late fee of Rs.5,000 (Rs.2,500 per Act). The late fee for taxpayers with a total turnover over Rs.5crore remains to be Rs.10, 000, there is no amendment in maximum. However, the tax officer could raise a notice stressing late fee for the amount of delay at the time of assessment of returns.

Benefits of filing GSTR-1

Filing of GSTR-1 in Tambaram, Chennai possess the following benefits:

★A user addressing multiple GSTINs will simply get the real-time status of all GSTR-1s in one place.

★This report will facilitate taxpayers get information at an invoice level or the outline information for simple use.

★The outline or invoice level information is often sorted and utilized in an excel type.

★This report is often downloaded in excel format and shared at intervals by an organization. In the case of CA corporations, this report is often simply shared with customers.

Importance of the Monthly GSTR-1 Filed Report

● This gives an up-to-date status of all GSTR-1 filings.

● A user can check this information across multiple GSTINs, and multiple branches.

● A user will get separate comparable information of all past returns filed, which might be held on and shared with stakeholders and customers.

● This report will facilitate avoiding GST notices by the tax department. In turn, this helps the payer keep track of his returns filed, and keep 100 percent compliant.

Documents needed for Filing GSTR1 return

GSTR-1 filing is finished in the GST portal and documents needn’t be hooked up to the GST return. However, the payer would want to submit data bearing on B2B invoices issued, B2C invoices issued, credit notes issued, debit notes issued and HSN outline of supplies oversubscribed.

To prepare and file a GSTR1 return, the subsequent data would be required:

  1. GSTIN – B2B Invoices – List of all invoices issued to persons having the same. These invoices should be uploaded to the GSTN. Invoice transfer to GSTN needn’t contain the document. Solely the subsequent data, a few B2B invoices should be uploaded within the format accepted by GSTN:

➢ Customers GSTIN

➢ Type of Invoice

➢ Place of offer

➢ Invoice variety

➢ Invoice Date

➢ Taxable worth

➢ GST Rate

➢ Amount of IGST applicable

➢ Amount of CGST applicable

➢ Amount of SGST applicable

➢ Amount of GST applicable

➢ If GST Reverse Charge is applicable

  1. All the outward supplies to persons not having GSTIN (B2C invoices), if the invoice worth is over Rs.2.5 lakhs should be uploaded to the GSTN. The subsequent data bearing on the B2C invoice should be uploaded to the GSTIN.

➢ Invoice variety

➢ Invoice date

➢The total worth of the invoice

➢ Taxable worth

➢ GST rate applicable

➢ Amount of IGST applicable

➢ Amount of CGST applicable

➢ Amount of SGST applicable

➢ Amount of GST applicable

➢ Place of offer

  1. Consolidated intra-state sales, classes by GST rates
  2. Consolidated intra-state sales created through Associate in Nursing e-commerce operator, classes by GST rates
  3. Consolidated inter-state sales, classes by state, and GST rates
  4. Consolidated intra-state sales created through Associate in Nursing e-commerce operator, classes by state, and GST rates
  5. Details of all export bills should be uploaded to the GSTN. The subsequent details should be provided in the GSTR1 return for all export bills issued.

➢ Customers GSTIN

➢ Type of Invoice

➢ Invoice variety

➢ Invoice Date

➢ Shipping Bill variety

➢ Shipping Bill Date

➢ Port Code

➢ Taxable worth

➢ GST Rate

➢ Amount of IGST applicable

➢ Amount of CGST applicable

➢ Amount of SGST applicable

➢ Amount of GST applicable

  1. HSN wise outline of all products oversubscribed throughout the month

➢ HSN Code

➢ Description

➢ UQC

➢ Total amount

➢ Total worth

➢ Total assessable worth

➢ Amount of IGST applicable

➢ Amount of CGST applicable

➢ Amount of SGST applicable

➢ Amount of GST applicable

  1. Summary of documents issued throughout the tax amount
  2. Overview of debit note, credit note, advance receipt, and amendments

Checklist of belongings you got to keep handy before you file GSTR-1

• Keep your GSTIN (a 15-digit PAN-based number) number handy

• Valid digital signature certificate (Obligatory for firms, LLPs (Limited Liability Partnerships), and FLLPs (Foreign liability Partnerships)

• Different suppliers, i.e. Proprietors, partnership issues, HUF, etc. may use the choice to “E-sign” the form with a sound Aadhar card number.

• Details of overall turnover within the preceding year. • Digital invoices of all the transactions that embrace intra-state as inter-state transactions and business to business likewise as retail sales, exclude Zero-rated provides and Deemed Exports

Most important things to keep an eye on while filing GSTR-1

• Enter the right month that the return is filed

• Correct GSTIN

• Correct HSN codes

• Charging correct tax rates

• Mentioning the proper sale sort, i.e. SGST, CGST, and IGST

• Duplicate entries of a similar tax invoice

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