What is GSTR 1, GSTR 1 Late Filings and GSTR-1 Due Date

Introduction

GSTR 1 is a type of GST (Goods and Service Tax) in which all the details related to the sales made by the taxpayer will be recorded. In this blog we will be explaining about  what is GSTR 1, late fees that is imposed on late filing of GSTR 1, and FAQs to create a better understanding among the reader.

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. GSTR 1 need to be filed at 11th of the following month.

Due Date for GSTR-1 Filing

• A taxpayer whose turnover is up to INR 1.5 Crore, can file GSTR 1 quarterly. For quarterly filing the due date for GSTR 1 is 13th of next month from the end of quarter.
• A taxpayer whose turnover is more than INR 1.5 crore needs to file GSTR 1 at 11th of the following month.

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.

Suggested Read: How to File GSTR 1

FAQs on GSTR 1

1. There is no sale for this month in my business, should I need to file GSTR 1? 

Yes, GSTR 1 is required to be filed; however, if there is no activity linked to sales in a month, you can file a nil GSTR 1. 

2. If my business turnover is more than 1.5 crore, than when should I file GSTR 1?

Businesses with an annual revenue of 1.5 crores or more must file Form GSTR-1 at the 11th day of the next month.

3. Should I file GSTR 1 if I chose the compensation scheme?

If you have chosen the compensation scheme, you will not be required to file GSTR 1, but you will be required to file GSTR 4 on a quarterly basis. 

4. If I don’t file GSTR 1 on time, how much amount I have to pay as a late filing of GSTR 1?

Currently, the government has waived the late filing fees for GSTR 1, therefore there is no additional fee to pay for late filing of GSTR 1.

Conclusion

Though there is no additional amount charged from the government for late filing of GSTR 1, but it is advisable to timely file the form so that there is a uniformity and accountability maintained. I hope this blog help you with all the information related to the GSTR 1.