What is Form GSTR-1 and Who is Required to File Form GSTR-1?

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What is GSTR 1? 

GSTR-1 is a return form that is used by taxpayers in India to file their GST (Goods and Services Tax) returns. GST is a tax levied on the supply of goods and services in India, and GSTR-1 is used by taxpayers to report their GST liability for a given period.

 

 

Format of GSTR-1 

GSTR-1 is a detailed form that requires taxpayers to provide a wide range of information about their GST liability. The form has several sections, including:

 

• Details of outward supplies: In this section, taxpayers need to report details of all supplies of goods or services made by them during the relevant period, including the nature of the supply, the value of the supply, and the GST rate applicable to the supply.
   
• Details of inward supplies: In this section, taxpayers need to report details of all supplies of goods or services received by them during the relevant period, including the nature of the supply, the value of the supply, and the GST rate applicable to the supply.
   
• Input tax credit: In this section, taxpayers need to report details of any input tax credit (ITC) claimed by them during the relevant period. ITC refers to the GST paid on inputs (i.e., raw materials, goods, and services) that are used in the course of making taxable supplies.
   
• Payment of tax: In this section, taxpayers need to report details of any GST paid or payable by them during the relevant period, including the amount of tax paid, the mode of payment, and the date of payment.

 

Eligibility for GSTR-1 Filing 

GSTR-1 must be filed by all registered taxpayers in India who are required to pay GST. This includes businesses that are engaged in the supply of goods or services, as well as those that are engaged in both. Taxpayers may be required to file GSTR-1 on a monthly or quarterly basis, depending on their GST turnover and other factors.

 

Rules for GSTR-1 Filing

• Taxpayers must file GSTR-1 within the due date specified by the Indian government. The due date may vary depending on the taxpayer's GST turnover and other factors.
   
• Taxpayers must ensure that all information reported in GSTR-1 is accurate and complete. Any false or misleading information may result in penalties or other consequences.
   
• Taxpayers must retain all relevant documents and records (such as invoices, receipts, etc.) to support the information reported in GSTR-1.

GSTR-1 is an important part of the GST compliance process in India. It helps taxpayers to report their GST liability accurately and helps the tax authorities to monitor and enforce compliance with the GST law. If you have any questions about GSTR-1 or the GST return filing process in general, you should

 

Frequently Asked Questions: 

1. Is RCM shown in GSTR-1?

In general, RCM is not shown in GSTR-1, which is a return form used by taxpayers to report their GST liability for a given period. GSTR-1 is used to report details of outward supplies (i.e., supplies made by the taxpayer) and inward supplies (i.e., supplies received by the taxpayer), as well as input tax credit (ITC) claimed and tax paid or payable. RCM is not relevant to these aspects of the taxpayer's GST liability. However, if a taxpayer is making supplies on which RCM is applicable, they may need to report these supplies in their GSTR-1 return. For example, if a registered taxpayer is making supplies to an unregistered supplier on which RCM is applicable, they may need to report the value of these supplies in the "Details of outward supplies" section of GSTR-1. 

 

2. When is GSTR-1 due?

In general, taxpayers are required to file GSTR-1 on a monthly or quarterly basis. The specific due dates for filing GSTR-1 may vary depending on the taxpayer's GST turnover and other factors. Here are the general rules for GSTR-1 due dates:

• For taxpayers with a GST turnover of more than 1.5 crore INR:
  • GSTR-1 for the month of July to November is due by the 10th of the following month.
  • GSTR-1 for the month of December is due by the 31st of December.
  • GSTR-1 for the month of January to March is due by the 31st of March.
  • GSTR-1 for the month of April to June is due by the 30th of June.
     
• For taxpayers with a GST turnover of up to 1.5 crore INR:
  • GSTR-1 for the quarter ending September is due by the 31st of October.
  • GSTR-1 for the quarter ending December is due by the 31st of January.
  • GSTR-1 for the quarter ending March is due by the 30th of April.
  • GSTR-1 for the quarter ending June is due by the 31st of July.

 

3. Who should file GSTR-1?

GSTR-1 must be filed by businesses that are engaged in the supply of goods or services, as well as those that are engaged in both. Taxpayers may be required to file GSTR-1 on a monthly or quarterly basis, depending on their GST turnover and other factors.