GSTR-1 Guide - Return Filing, Date and Revision

Published on: Thu Nov 16 2023
GSTR-1 Guide - Return Filing, Date and Revision

Goods and Services Tax (GST) has revolutionized the Indian taxation system by replacing a complex web of indirect taxes with a unified and streamlined framework. One of the key components of the GST system is the filing of various returns, and GSTR-1 is a crucial return that businesses need to comply with.


What is GSTR-1


GSTR-1 is a monthly or quarterly return that must be filed by registered taxpayers under the GST regime. It is essentially a summary of all outward supplies of goods and services made by a taxpayer during a specific tax period. In simpler terms, GSTR-1 provides details about sales transactions conducted by a business, making it a vital document for both the taxpayer and the tax authorities.


Due Date for GSTR-1


The due date for filing GSTR-1 depends on the turnover of the taxpayer. For businesses with a turnover exceeding Rs. 1.5 crore, the return is generally due on a monthly basis, with the deadline set on the 11th of the succeeding month. However, for businesses with a turnover up to Rs. 1.5 crore, the government has provided the option to file GSTR-1 on a quarterly basis, with the due date falling on the 13th day of the month following the end of the quarter.


It is crucial for businesses to adhere to these deadlines to avoid penalties and maintain compliance with the GST regulations. Late filing can result in fines and interest charges, impacting the financial health of the business.


Who Should File GSTR-1


GSTR-1 is applicable to all registered taxpayers under the GST regime, including regular taxpayers, composition dealers, and those engaged in the e-commerce business. The return captures details of both interstate and intrastate supplies, giving a comprehensive overview of a business's sales transactions. Even if a taxpayer has not made any outward supplies during a particular tax period, they are still required to file a Nil GSTR-1 to meet compliance standards.


The information furnished in GSTR-1 is crucial for the matching of input tax credit (ITC) claimed by the recipients in their GSTR-2A/2B, ensuring the seamless flow of credit across the supply chain. Thus, GSTR-1 acts as a critical link in the GST compliance chain.


GSTR-1 Revision


In case a taxpayer discovers any errors or omissions in the GSTR-1 already filed, the GST law allows for revisions. However, it's important to note that revisions can only be made in the succeeding tax period. For example, if an error is identified in the GSTR-1 filed for the month of July, the correction can be made in the GSTR-1 for August.


The process of revision involves filing a separate GSTR-1 with the correct details and indicating the nature of the revision in the return. The revised GSTR-1 will then replace the original return filed for that particular tax period.


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