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Under the GST Act, every normal taxable person has to file GSTR-1 with a detail of the outward supply of goods or services. It will also include details of debit or credit note related to the outward supply of goods or services of the previous month. This form will also include details of the export and exempted supply of goods and services.
The GST Council in its recent meeting had shared a revised format for Monthly returns and GST Rates of various goods and services. In this article, we will discuss the requirement for GSTR-1 and what we need to know about it.
Every person who has done their GST Registration should file this return, except a person registered under composition scheme, Non-resident taxpayers, E-commerce aggregator or Marketplace and Foreign diplomats. Input Service Distributors, taxpayers liable to collect TDS and taxpayers liable to deduct TDS are also exempted from filing this return.
The due date for GST return filing is based on your turnover. Businesses having sales of up to 1.5 crore rupees can file quarterly returns and other taxpayers above 1.5 crore turnover can file monthly return.
We have provided both monthly and quarterly deadline below.
Jan-March 2020: Due date is 30th April 2020;
April-June 2020: Due Date is 31st July 2020;
July-Sept 2020: Due date is 31st Oct 2020.
Feb 2020: 11th March 2020
Mar 2020: 11th April 2020
April 2020: 11th May 2020
May 2020: 11th June 2020
June 2020: 11th July 2020
July 2020: 11th August 2020
August 2020: 11th Sept 2020
Sept 2020: 11th Oct 2020
The GST return has to be filed by the normal taxable person. It has a total of 13 to the task to be performed and basic required details in it are pre-filled. Hence, we need to understand certain terms under GST Return.
It may be noted that return once filed can’t be revised. In case of mistake in the return, it may be rectified in the next period. Simply speaking, if a mistake is made in September GSTR-1 then the same can be rectified in the month of October.
Read our article: GST for Companies under CIRP as per IBC, 2016
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