Complete Guide to GSTR-1 Filing: Deadlines, Format, Penalties & Eligibility Criteria

The GSTR-1 is an essential element of India’s implementation of the GST framework. Businesses are required to file an occasional or quarterly return with information about all external supplies (sales) of items and services. Understanding the GSTR-1 occasions, manner, fines, qualifications, and rules are vital for filing documentation on time and appropriately.

Deadlines for GSTR-1 filing

The last date for filing GSTR-1 generally falls on the 11th day of the month once the end of the period under consideration. For example, the GSTR-1 for July must be completed by August 11th. Businesses putting a yearly sales volume of less than ₹5 crore can file GSTR-1 each quarter, whereas those with a turnover in excess of the threshold must file monthly.

Yearly filing deadline: the 11th of the next month.The annual filing deadline is the 11th of the month succeeding the end of the quarter.To avoid consequences and stay complying with GST legislation, you must meet these dates.

GSTR-1 format: Businesses must fill out many areas to provide detailed information on their outward supplies. 

1. The fundamental data includes: The an GSTIN, legal name, and fiscal year.
2. Details of Outward Supplies: Includes invoices, debit/credit notes, and amendments to previous returns.
3. Export Details: Supplies made to SEZ units, exports, and zero-rated supplies.
4. HSN Summary: Harmonized System of Nomenclature (HSN) codes summarizing the goods supplied.
5. Other Details: Any adjustments or corrections to previous returns.

The data should be put into the GST portal manually or via an automatic upload with the GST software.

Penalties for late filing

Late submission of GSTR-1 might result in penalties, which may include:The late fee is ₹200 per day of delayed (₹100 for CGST and ₹100 for SGST), for a maximum of 0.25% of output in the state or union territory in question.

Interest: Any missed payment of taxes incurs penalties at an annual rate of 18% on the remaining amount due.Timely filing helps to prevent these penalties while also ensuring that your purchasers’ input tax credit (ITC) is processed smoothly. 

Eligibility Criteria

All businesses registered under GST, including those engaged in the supply of goods or services, must file GSTR-1. However, certain categories are exempt or have special filing requirements:

• Composition Scheme: Businesses opting for the Composition Scheme file GSTR-4 instead of GSTR-1.
• Casual Taxable Persons & Non-Resident Taxable Persons: These categories have specific filing requirements and may need to file GSTR-5 or GSTR-6.
• E-commerce Operators: Must file GSTR-8 to report TCS collected.

Regulations and Compliance

Businesses must adhere to the following regulations to ensure compliance:

1. Accurate Reporting: Ensure that all outward supplies are accurately reported, including the correct GST rates and HSN codes.
2. Reconciliation: Regularly reconcile GSTR-1 with your sales records and GSTR-3B to avoid discrepancies.
3. Documentation: Maintain proper documentation for all transactions reported in GSTR-1, including invoices and debit/credit notes.
4. Software Utilization: Use GST-compliant accounting software to streamline data entry and minimize errors.

Filing GSTR-1 is a critical aspect of GST compliance, requiring timely and accurate reporting of outward supplies. Understanding the deadlines, format, penalties, eligibility criteria, and regulations associated with GSTR-1 can help businesses avoid compliance issues and optimize their tax position. Regular reconciliation and proper documentation are key to ensuring a smooth filing process.For expert guidance on GSTR-1 filing and to ensure you stay compliant with the latest regulations, contact us at GST Refund Services. We’re here to assist you with all your GST needs and ensure hassle-free compliance.