Clear your Tax Backlog to Avoid Paying a Late Fee! GSTR1



According to the official data provided by the government, GST collection for February stood at Rs.1.05 lakh crore. This amount has recorded an 8% growth over the previous year, and it is the 4th consecutive month where GST collection went over Rs.1 lakh crore.

However, a recent survey shows that only 60% of taxpayers file their GST returns on time. To mitigate this issue and help individuals file GSTR1 (GST Return 1) on time, the government has set specific guidelines to follow accordingly.

GSTR1 is a monthly or quarterly return that every business registered under GST has to file. However, the GSTR1 due dates depend on the turnover of a business.

Companies that have a turnover of up to Rs.1.5 crore will have to file their return quarterly and businesses with a turnover of over Rs.1.5 crore have to file this return every month.

Applicable penalty on missing GST filing deadline

Failing to file GSTR1 in time incurs specific penalties in the form of late fines. Late fee for not filing GST return on time is Rs.200 which includes Rs.100 for CGST and Rs.100 for SGST. This late fee will be charged on an everyday basis after the due date.

The latest GSTR1 due date is as follows –

  • 30th April 2020 for the quarter of January to March 2020 for turnover up to Rs.1.5 crore.
  • 11th March 2020 for the month of February 2020 for turnover above Rs.1.5 crore.

GSTR1 filing process

  • Login to the GST portal. However, before that firms must perform their GST registration procedure.
  • Click on services and then go to returns and under it to the returns dashboard.
  • This will redirect to the return filing page and from the drop-down select the financial year and month of return filling.
  • Once the specified returns are displayed, click on GSTR1.
  • ●       Then prepare the returns and upload them online. Individuals can either add invoices online or upload them later.
  • Submit the form.
  • Once the validation process is complete, click on ‘file GSTR1.’
  • Sign the form digitally or e-sign it.
  • Once a pop-up is displayed click on yes to confirm.
  • Wait for the ARN (Acknowledgement Reference Number).

GSTR1 form has 13 tables or sections that companies have to fulfil to complete their GST filing. These are –

Table 1,2 and 3: Specifics of GSTIN and aggregate turnover of the previous year.

Table 4: Taxable outward supplies made to registered individuals, including UIN holders. However, zero-rated supplies and deemed exports will be excluded.

Table 5: Inter-state taxable outward supplies made to unregistered individuals, where the invoice value is greater than Rs.2.5 lakh.

Table 6: Particulars of zero rate supplies and deemed exports.

Table 7: Details of every taxable supply made to unregistered individuals other than the ones already mentioned in table 5.

Table 8: Details of exempt, nil-rated, and non-GST outward supplies.

Table 9: Details of refund vouchers, debit notes, credit notes issued during this period and any amendments performed to taxable outward supply details provided in the GSTR1 for previous tax periods in table 4, 5, and 6.

Table 10: Details of credit notes and debit notes issued to unregistered individuals.

Table 11: Details of advance adjusted or advances received in the present tax period.

Table 12: Summary of outward supplies, according to HSN.

Table 13: Documents issued during a tax period. 

To complete GSTR1 filling the following documents and information are necessary –

  • GSTIN number, user ID, and password to login to the portal.
  • Digital signature certificate.
  • Aadhaar number and e-sign for the form.
  • Invoice details and other necessary paperwork to fill the form.

Filing GSTR1 in time allows businesses to save on penalties charged for late filling. Additionally, if any company has relevant GST return statements, it helps them in case they want to avail a business loan for financial support.

Firms can avail these loans from reputed financial institutions like Bajaj Finserv, who offer such loans at attractive interest rates and with multiple additional borrower-friendly benefits such as Flexi Loans, multiple repayment tenor options, etc.

Filling GSTR1 within the due date is crucial to avoid penalties and they can take the help GST calculator for manufacturers available online to calculate their GST easily. Aside from that, these GST filling statements can come in handy to prevent future complications regarding their tax returns.

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