GSTR-1

GSTR-1 is a monthly or quarterly Goods and Services Tax (GST) return that summarizes the details of all outward supplies of goods or services made by a registered taxpayer during a specific tax period. It is a mandatory return for all normal taxable persons registered under GST, except for those who have opted for the composition scheme or are liable to deduct tax at source (TDS) or collect tax at source (TCS).

Applications for GSTR-1 Filing

GSTR-1 must be filed electronically through the GST portal or authorized GST Suvidha Providers (GSPs). The due date for filing GSTR-1 is the 11th of the succeeding month for taxpayers filing it monthly and the 13th of the month succeeding the end of every quarter for taxpayers filing quarterly.

Eligibility for Filing GSTR-1

All normal taxable persons registered under GST are eligible to file GSTR-1, except for:

• Composition scheme taxpayers
• TDS/TCS deducting or collecting entities
• Input service distributors (ISDs)

Documents Needed for GSTR-1 Filing

The specific documents required for GSTR-1 filing may vary depending on the type of business and the nature of transactions. However, common documents typically include:

• GSTIN of the registered taxpayer
• Details of outward supplies (e.g., invoices, debit notes, credit notes)
• Proof of payment (e.g., bank statements, challan details)
• HSN/SAC codes of goods or services supplied
• Tax rates applicable for each supply

Importance of Timely GSTR-1 Filing

Timely filing of GSTR-1 is crucial for maintaining tax compliance and avoiding penalties. It also helps ensure the accuracy of GST records and facilitates input tax credit (ITC) claims by recipients of goods or services.