Filing GSTR 1 forms in India is a complex process. With multiple steps and regulations to follow, it can be difficult to navigate this maze of paperwork. Fortunately, with the right guidance, filing your GSTR 1 form is not as hard as it may seem. In this article, we’ll provide a complete step-by-step guide on how to file GSTR 1 forms in India, covering everything from registration to payment and more. With this knowledge, you can easily and efficiently go through the entire process of filing your tax return in India. So let’s get started!
What is GSTR 1 form?
GSTR-1 is a monthly/quarterly return form that needs to be filed by registered taxpayers under the Goods and Services Tax (GST) regime in India. The form is used to report details of all outward supplies of goods and/or services made by a taxpayer during a given tax period.
The information reported in the GSTR-1 form includes details of all sales transactions, including the value of goods or services sold, the rate of tax charged, and the amount of tax collected. This information is used by the government to calculate the taxpayer’s liability for GST and to monitor tax compliance.
It is important for taxpayers to file the GSTR-1 form accurately and on time in order to avoid penalties and to maintain good standing with the tax authorities. The form must be filed electronically through the GST portal. Later on we will guide you how to file GSTR 1.
What are Due Date for filing GSTR-1 form?
Before we know about how to file GSTR 1, Let’s we know the due date for filing GSTR-1 (Goods and Services Tax Return – 1) in India. It can vary depending on the taxpayer’s turnover in the previous financial year.
For taxpayers with an annual turnover of up to Rs. 1.5 crores, the due date for filing GSTR-1 is quarterly, and the deadlines are as follows:
| Quarter | Due Date |
| April to June (Q1) | 31st July |
| July to September (Q2) | 31st October |
| October to December (Q3) | 31st January |
| January to March (Q4) | 30th April |
For taxpayers with an annual turnover of more than Rs. 1.5 crores, the due date for filing GSTR-1 is monthly, and the deadline is the 11th day of the following month.
It’s important to note that due dates may change, so it’s always a good idea to check with the official GST website or consult with a tax professional for the latest updates.
How to file GSTR 1 form online?
GSTR-1 (Goods and Services Tax Return 1) is a monthly return that must be filed by all regular taxpayers registered under the GST (Goods and Services Tax) in India. Here is a step-by-step guide on how to file GSTR 1 return in India:
- Login to the GST Portal: Go to the official GST portal (https://www.gst.gov.in/) and log in using your GSTIN (Goods and Services Tax Identification Number) and password.
- Go to Returns Dashboard: Once you are logged in, click on the “Returns Dashboard” option.
- Select the Financial Year and Return Filing Period: Select the financial year and the return filing period for which you want to file the GSTR-1 return.
- Prepare your GSTR-1 return: Enter the details of all your taxable supplies made during the selected period, including the details of the recipient, the value of the supply, and the rate of tax. You can also claim input tax credit for any GST paid on your purchases.
- Validate the data: Once you have entered all the details, click on the “Validate” button to verify the accuracy of the data.
- Preview and Submit: Preview the GSTR-1 return to make sure all the details are correct. If everything is in order, click on the “Submit” button to file the return.
- Make Payment: If you have any taxes to pay, you can make the payment through the GST portal using the available payment options.
- Download the Filed Return: Once the return is filed successfully, you can download a copy of the filed return for your records.
It is important to note that GSTR-1 must be filed before the due date to avoid late fees and penalties. Late fees for delayed filing of GSTR-1 return is INR 50 per day and can go up to a maximum of INR 5,000.
Late filing fees for GSTR 1
After we know about how to file GSTR 1. We will be know about Late filing fees for GSTR 1. GSTR-1 is a monthly or quarterly return that needs to be filed by registered taxpayers under the Goods and Services Tax (GST) regime in India. If a taxpayer fails to file their GSTR-1 return by the due date, they are liable to pay a late fee.
The late fee for GSTR-1 is Rs. 50 per day for each return that is filed after the due date. The late fee is subject to a maximum of Rs. 5,000 for each return. Therefore, if a taxpayer files their GSTR-1 return after the due date, they will have to pay a late fee of Rs. 50 per day until the date of filing, subject to a maximum of Rs. 5,000.
It is important to file GSTR-1 returns on time to avoid late fees and any other penalties. Late filing of returns can also impact a taxpayer’s compliance rating and may lead to additional scrutiny from tax authorities.
Read More:- How to file GSTR 3B?
What are the benefits of filing GSTR 1 form?
As we know how to file GSTR 1 . Now, let’s discuss what are benefits for filing the GSTR-1 form. Filing the GSTR 1 provides several benefits to taxpayers, including:
- Compliance with Tax Regulations: By filing the GSTR-1 form, taxpayers can demonstrate that they are in compliance with the Goods and Services Tax (GST) regulations set by the government.
- Input Tax Credit: Filing GSTR-1 form allows taxpayers to claim input tax credit, which is a credit for the GST paid on inputs or raw materials used in the production process. This can reduce the overall tax liability of a business.
- Transparency: The GSTR-1 form provides a transparent record of all sales made by a taxpayer, making it easier for the government to monitor and track tax collections.
- Avoid Penalties: Failing to file the GSTR-1 form on time can result in penalties and fines. By filing the form regularly and on time, taxpayers can avoid such penalties.
- Improved Record Keeping: The GSTR-1 form helps taxpayers maintain an accurate and up-to-date record of their sales transactions, which can be useful for tax planning and financial reporting purposes.
Overall, Now we know how to file GSTR 1 and it is an important aspect of tax compliance for businesses registered under the GST regime in India.