GSTR-1: Meaning, Due Date, and Late Fee

GSTR-1, or Goods and Services Tax Return 1, is a document that any business registered under India’s GST law must file. This document is due on the 10th of every month and can be filed directly with the government or through one of its authorized providers. 

GSTR-1 includes information on all sales invoices that have been generated throughout the filing period. To ensure compliance, businesses must understand the GSTR-1 format, due dates, and late filing fees. But about everything in order.

What is GSTR-1? 

GSTR-1 is a monthly return that contains details of all outward supplies/sales made in the previous VAT period. Businesses must provide information about their customers and suppliers with each return filed. This includes details such as taxes paid, income from sales transactions, or advancements received from supplies they made during the period covered by the return. 

The primary purpose of GSTR-1 is to ensure that businesses are reporting accurate figures to the tax authorities to pay their dues promptly.

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Who should file GSTR-1?

All registered persons, including casual registered persons, must file GSTR-1 without missing due dates to avoid late fees. They must provide GSTR-1 regardless of whether any transactions were made in the interim or not.

The following individuals aren’t required to file this form:

• Those registered under the Composition Scheme should file GSTR-4.
• Non-Resident Taxpayers should file GSTR-5.
• OIDAR Service Providers should file GSTR-5A.
• Input Service Distributors should file GSTR-6.
• TDS Deductors should file GSTR-7.
• E-Commerce Operators, who are not agents, should file GSTR-8.

Due Date for Filing GSTR-1

What are tangible and intangible assets?

The due date for filing GSTR-1 depends on the business’s turnover. So, you must file GSTR-1 and meet the due dates:

• Monthly – If the cumulative turnover exceeds INR 1.5 Cr in the current financial year or if the same expected cumulative turnover is in the current financial year.
• Quarterly – If the cumulative turnover is up to INR 1.5 Cr in the current financial year or if the same expected cumulative turnover is in the current financial year.

Monthly Due Date of GSTR-1

The businesses have to file the GSTR-1 Form monthly or quarterly, depending upon the business turnover on GST Portal. The GSTR-1 due date is the 10th of the following month. For example, the due date for January would be 10th February. However, the due date is the 11th of the following month for March, June, September, and December.

Note! The last date to file GSTR-1 is usually the 10th of the following month.

Quarterly Due Date of GSTR-1

The due date for GSTR-1 is set for effects being given concerning a particular period, i.e., April – June (Q1), July – September (Q2), October – December (Q3), and January – March (Q4). Quarterly GSTR-1 filing due dates run by the 13th of the month following the respective quarter. For example, the last date for filing GSTR-1 under quarterly filing for the quarter July – August – September will be 13th October.

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GSTR-1 Due Dates Exceptions

There are some exceptions to the GSTR-1 filing due dates. For example, if the 10th falls on a holiday, the due date is the next working day.

Can GSTR-1 be filed after the Due Dates?

You can file the GSTR-1 after the due date. But you will have to pay a late fee depending on the number of days you are delayed.

GSTR-1 Late Fee

It’s important to note that there are different categories of late filing fees for GSTR-1: 

• If your tax payable is greater than Nil, then you will be charged a penalty of INR 50 for every day during which such failure continues.
• If your tax payable is Nil, then you will be charged a penalty of INR 20 for every day during which such failure continues.

The late fee interest is calculated from the date following the due date until the date of filing GSTR-1. If there are no transactions in the reporting period, you must file a NIL return to avoid late fees.

With the GSTR-1 format and monthly due dates in mind, ensure you file it on time. Stay up to date and avoid those late fees – your business’s cash flow will thank you.

How to file GSTR-1 on GST Portal?

To download a filed GST Return on the GST Portal, follow these steps:

1. Go to the GST Portal and log in to your account.
2. Click on “Returns” and then select “View e-Filed Returns”.
3. Choose the Financial Year, Return Filing Period, and Return Type.

You will be able to see the Acknowledgment Number and Date of Filing for the GST Return. Also, the Review page of the GST Return will be displayed.

The Bottom Line

GST-registered businesses must meet specific responsibilities regarding submitting GSTR-1 as regular tax filing activity requiring extra vigilance. Inaccurate premiums, returns, and payments can result in financial troubles and problems with legal authorities. So, it is essential for businesses, big or small understand the meaning, monthly and quarterly due dates, and late fees related to the GSTR-1 filing process so they don’t end up incurring any unintended liabilities.