Help Center
Locate us
What is GSTR-1? Return Filing, Format, Eligibility
Experience the all-new Kotak Netbanking
Simpler, smarter & more intuitive than ever before
Popular Products
Show More
Quick Help
Show More
Frequently Asked Questions
Show More
For Kotak Bank Customers
For Kotak811 Customers
Experience the all-new Kotak Netbanking Lite
Simpler, smarter & more intuitive than ever before. Now accessible on your mobile phone!
Yes. In such cases, one is required to file a GST1 Nil return
One has the flexibility to upload invoices at any time. However, it is strongly recommended that you upload invoices periodically throughout the month to prevent the need for a large, time-consuming bulk upload when it's time to file returns.
Following the upload of bills, one has the freedom to make multiple revisions or adjustments as needed. There are no limitations on modifying invoices after they have been uploaded. However, it's important to note that one can only make changes to an invoice before you officially submit the return.
Yes, it is possible to submit the GSTR 1 return even after the deadline has passed. Nevertheless, please be aware that a late fee for GSTR 1 will be imposed based on the number of days the filing is delayed.
In GSTR 1, one is required to provide a comprehensive breakdown of all sales details, while in the GSTR 3B return, one needs to report summarized figures for sales, Input Tax Credit (ITC) claimed, and the net tax payable.
No, with effect from 1st January 2022, one has to file GSTR 1 before filing the GSTR 3B return.
GSTR 1 is a return used for reporting sales details to the government, and it doesn't require a tax payment upon filing. On the other hand, when filing GSTR 3B, you are obligated to settle any tax liabilities that may be due.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Success
Failure
In the dynamic financial and taxation system, Goods and Services Tax (GST) plays a vital role to ensure transparency, accountability, and smooth operations of the business and economy. To make the process of GST smoother and transparent, there are GST returns (GSTR), which are submitted and filed online with the help of various forms.
GSTR-1 is one such crucial form in the GST system of India. It's like a detailed report of the turnover (outward supplies) that a registered taxpayer (businesses) need to submit to the Government on a monthly or quarterly basis (based on the annual turnover).. In simpler terms, GSTR-1 is a record of all sales transactions conducted by a business during a specific period. This includes details about your customers, the amount of money you charged them, the amount of GST collected from them and the place of supply.
GSTR-1 helps the Government in keeping track of the sales made by the businesses, by providing detailed information as to what was sold, to whom, at what price and how much tax has been collected on the same. The data is submitted through Form GSTR-1 on the GSTN portal, which is further used to verify input tax credit to be claimed by the recipient. It also helps in tracking the movement of goods and services across the supply chain, ensuring transparency and compliance with GST regulations.
So, let's understand everything about GSTR1 its meaning, format, filing procedures, due date etc.
What is GSTR-1?
GSTR 1 is basically a GST return which all the registered taxpayers under regular scheme must submit on a monthly or quarterly basis (as opted based on the turnover).
For businesses timely filing of GSTR-1 dictates compliance, enabling claims of correct Input Tax Credit (ITC) to the recipient, fostering transparent transactions, and safeguarding against penalties. It also helps in reconciling the data with suppliers and instilling trust in inter-business dealings.
For the Government, GSTR-1 bolsters revenue collection, acts against fraud, and serves as a compass for tax policy decisions. This comprehensive source of data empowers the Government to fine-tune taxation strategies, maintain the integrity of the GST system, and ensure transparency in taxation.
What is the GSTR 1 Format?
Understanding the GSTR-1 format is crucial for businesses to meet their compliance obligations and avoid late fees, interest and penalties. It encompasses various sections and fields where businesses must provide detailed information. The GSTR-1 format comprises 15 tables, each requiring the supplier to input information regarding the goods or the services they have supplied during a specific month (quarter in case opted for QRMP). However, it is important to note that not all of these tables are mandatory for every supplier.
Suppliers are required to fill out tables that correspond to the specific characteristics of their business and the nature of the supplies they offer. Below are the details about the GST R-1 tables:
Eligibility for Filing GSTR-1
Any person or business registered in GST as a regular taxpayer must file GSTR-1 return. In case there are no outward transaction during that specific period. If a taxpayer fails to file the return, they must face the required penalties. Since July 2020, those GSTR 1 filers who haven't submitted their returns can utilize an SMS-based facility to do so.
The following categories of GST registered individuals are exempt from the obligation to file GSTR 1, the same has been provided on the GST Portal:
Documents Required for Filing GSTR-1
When filing GSTR 1, one must provide the following documents:
An active Goods and Services Tax Identification Number (GSTIN).
The following information for a specific tax period must be mentioned in Form GSTR-1:
GSTR-1 due date
The GSTR1 due date or GSTR1 Late date of filing depends on total sales volume of the taxpayer. Businesses with a turnover of up to Rs.5 Crore can submit quarterly returns through the QRMP program. Notably, the GSTR-1 deadline for each month gracefully aligns with the 13th day of the following quarter.
On the other hand, taxpayers who do not choose the QRMP scheme or exceed the Rs.5 Crore turnover threshold must submit their returns every month, with the GSTR 1 due date monthly set for the 11th day of the subsequent month.
Who Should File GSTR 1
GSTR 1 filing is obligatory for registered dealers, irrespective of their monthly transaction activity. Being a registered seller necessitates GSTR 1 filing, even if there were no recorded sales in the previous fiscal year.
Every GST-registered individual must make a GSTR 1 filing, whether or not they conducted any transactions during the specific period.
If a business's annual revenue in the previous or current year surpasses 1.50 crore, on a monthly basis they must submit GSTR-1. The deadline for the current month's GSTR-1 filing is the 11th day of the subsequent month With a turnover less than Rs.1.5 Crore have the option to file GSTR-1 on a quarterly basis.
However, certain categories of individuals or businesses are exempt from GSTR 1 filing:
How to revise GSTR-1?
In the GST system, once a return is submitted, it cannot be modified or amended. However, any errors in the return can be rectified in the GSTR-1 filing for the subsequent period, whether it's the next month or quarter.
In other words, if a mistake is made in the GSTR1 filing date for December 2022, one can rectify it when filing the GSTR 1 for January 2023 or any subsequent months thereafter.
How to View GSTR 1 Filing Status
One can easily check the status of your GSTR1 filing on the GSTN portal by following these steps:
Step 1: Log in to the GST portal using your login credentials.
Step 2: Hover mouse pointer over the "Services" menu, and a dropdown menu will appear.
Step 3: Click on "Returns."
Step 4: Next, click on "Track Return Status."
Step 5: Input the ARN (Acknowledgement Reference Number) into the specified field and click "Search". Alternatively, use the "Return Filing Period" for searching.
Step 6: A table will appear, presenting comprehensive details of your GSTR 1 returns.
Step 7: You can check the return status in the "Status" column of the table.
As per the GST FAQ, there are four potential statuses for GSTR 1:
GSTR-1 Late Fee and Penalty
If one fails to submit a GSTR 1 return on GSTR 1 last date as per the prescribed deadline, one will be subject to GSTR 1 late fees at the rates outlined below. Additionally, for the delayed filing of GSTR 1, an annual interest rate of 18% will be imposed on the outstanding tax amount.
The subsequent table provides a comprehensive breakdown of the late fees you might incur, contingent on your turnover.
Type of GSTR
IGST
IGST
CGST
SGST
IGST
Conclusion
GST R1 is more than just a tax obligation; it's a crucial element of one’s business's compliance journey in the world of Goods and Services Tax. Regardless of one’s business size or complexity, understanding GSTR 1 is essential. It's a commitment to transparency, record of transactions, and contribution to a robust tax system
As one delves into the intricacies of GSTR 1, remember that knowledge and accuracy are allies. With the right understanding and attention to detail, one can navigate the GSTR 1 meaning and filing process smoothly, ensuring that their business remains in good standing within the GST framework.
Kotak Mahindra Bank is an authorized bank to collect Goods & Services Tax (GST) through its digital integration with the GST portal. Individual and corporate customers can make end-to-end tax payments on this portal simply by selecting Kotak Net Banking as a payment option or pay using Credit Card/Debit Card or UPI of any bank via the Kotak Payment Gateway. Customers can also make GST payments through cash, cheque or DD by selecting “Over-the-Counter” mode of payment while creating a challan on the GSTN portal.
OK