GSTR-1 is a crucial return that every GST-registered business needs to file, either monthly or quarterly.
This filing captures all outward supplies, essentially keeping track of sales made during a specified period.
It is important for businesses to ensure compliance to avoid penalties and maintain proper tax records.
Who Needs to File GSTR-1?
Every regular registered taxpayer under the GST system is required to file GSTR-1.
Even if a business has not made any sales during a given period, a nil return must still be submitted.
This requirement ensures that the GST system remains transparent and efficient.
Steps and Deadlines for Filing
To file GSTR-1, follow these practical steps: log into the GST portal, navigate to services, and select returns.
Choose the relevant financial year and filing period. You will need to provide detailed invoice-wise information for B2B sales, along with a summary for B2C sales, as well as details of any debit or credit notes.
Monthly filings are due on the 11th of the next month for businesses with a turnover exceeding ₹5 crore, while quarterly filers must submit by the 13th of the following month after the quarter ends.
Be mindful of late fees, which are set at ₹50 per day for normal returns and ₹20 for nil returns, with a max cap of ₹5000.
Additionally, interest may accrue at a rate of 18% per annum on any unpaid tax amounts if filing is delayed.
Staying informed and adhering to these guidelines is essential for smooth and compliant business operations.
