Information on GSTR 1, Late Fees for GSTR 1, and GSTR 1 Late Fee Waiver Extension

Introduction 

The government has reintroduced the GST Amnesty Scheme to grant relief to taxpayers who failed to file GSTR-3B for prior tax seasons. Get the most up-to-date information about the scheme’s application, benefits, and operation in this article. Learn about late fee relief, as well as issues that have yet to be handled and viable remedies. In this article information on form GSTR 1 Late fees, What is GSTR 1, GSTR 1 late fee waiver extension is included.

 What is GSTR 1?

Form GSTR-1 is a monthly Statement of Outward Supplies that must be filed by all regular and casual registered taxpayers who make outward supplies of goods and services or both, and it contains information on those outward supplies.

Form GSTR 1 due date

• The GST (Goods and Service Tax) taxpayers whose turnover is more than INR 1.5 crores the due date for filing of GSTR 1 would be 10th of the following month.
• Taxpayers whose turnover is upto INR 1.5 crores the due date for filing of GSTR 1 would be 13th of the following month.

GSTR 1 Late Fee Waiver Extension

As per the section 16 (4) of the Central Goods and Services Tax Act, 2017 it is clarified that the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier.

Process for GSTR 1 navigation

• Login to GST Portal
• To generate the summary, click the ‘Generate Summary’ button;
• To examine the final summary before filing, click the ‘Proceed to File/Summary’ button; and
• To file GSTR-1/IFF, click the ‘File Statement’ button.

To navigate a GSTR 1 Process, some changes have been implemented by the Goods and Service Tax Department, That is describe as below:

The current two-step GSTR-1/IFF filing method, which includes the ‘Submit’ and ‘File’ buttons, will be replaced by a single-step filing process. The new ‘File Statement’ button will replace the current two-step filing method, allowing taxpayers to add or change records until the filing is complete. After that simply click on the ‘File Statement’ button.

Before submitting GSTR-1/IFF, taxpayers will now be presented a table-by-table consolidated summary. This aggregated summary will include a complete and table-by-table summary of the taxpayers’ records. Before filing, this will provide a thorough picture of the records added in GSTR-1/IFF.

The aggregated summary page will also include a recipient-by-receiver summary, which will provide the overall value of the supplies as well as the total tax for each recipient. The recipient-by-recipient summary will be made available for the following GSTR-1/IFF tables that have counter-party receivers.

Late fees for GSTR 1

As per the GST council meeting, GSTR 1 fees is waved off until the further notification. However as per the last GST council meeting there is recommendation to charge certain amount for the late filing of GSTR 1 that is been explained below.

Recommendation for Amount of Late fees applicable at the time of late filing of GSTR 1:

• A taxpayer who have not file GSTR 1 in a time they are eligible to pay INR 50 per day as a penalty for late filing of GSTR 1.
• In case of taxpayer is going to file nil GSTR 1 then penalty for late filing of GSTR 1 will be INR 20 per day.

Know more: GST Return Late Fees, & Interest on GSTR late payment

Conclusion

All typical taxpayers are required to file FORM GSTR-1, a statement of external supplies, on a monthly or quarterly basis, depending on the circumstances. Quarterly GSTR-1 filers now have the option of using the Invoice Furnishing Facility (IFF) to report outward supplies to registered individuals (B2B supplies) in the first two months of the quarter. GSTR-1/IFF has undergone continuous updates and technology changes to improve its performance and user experience, resulting in improvements in the Summary Generation process, faster response times, and a better user experience for taxpayers.