All you need to know about GSTR1 | FynamicsGST

by | Dec 10, 2020 | Financial Management

All you need to know about GSTR1

What is GSTR1?

-Every registered dealer is required to file GSTR-1 every month.

-The return contains details of all outward supplies made during the month. It has a total of 13 sections.

-However, certain taxpayers having annual turnover up to Rs 1.5 crores can opt to file the GSTR-1 once in every quarter.

-One important point to note, is that the GSTR 1 form once submitted, cannot be revised. You can modify the form by amending details in the next month

Due dates & Penalty

-For businesses > INR 1.5Cr turnover every 11th of the coming month

-For businesses< INR 1.5Cr, they can choose to file it quarterly (Oct–Dec: 13 Jan 2021, Jan-March 13 April 2021)

-Late Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act. The late fees will be charged from the date after the due date.

–As per latest news, the penalty has been reduced to Rs. 50 per day and Rs 20 per day (for nil return)

Who is it applicable to?

The following registered persons are exempt from filing the return:

1.Input service distributors,

2.Composition dealers,

3.Suppliers of online information & database access,

4.Taxpayers liable to collect TCS and

5.Taxpayers liable to deduct TDS

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www.fynamicsgst.in | Uthra.r@fynamicsgst.in | 9164165777

Uthra R

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