GSTR 1 (Quarterly)

1. Who Should File GSTR-1 Quarterly?

   • Taxpayers with an annual turnover up to ₹5 crore can opt to file GSTR-1 on a quarterly basis.
   • This option must be selected at the beginning of the financial year or at the time of obtaining new registration.

2. Frequency of Filing:

   • GSTR-1 is filed on a quarterly basis, covering one quarter of the financial year.

3. Due Date for Filing:

   • The due date for filing GSTR-1 quarterly is the last date of the month following the quarter. For example:
     • For the quarter April to June, the due date is July 31.
     • For the quarter July to September, the due date is October 31.
     • For the quarter October to December, the due date is January 31.
     • For the quarter January to March, the due date is April 30.

Details Included in GSTR-1 Quarterly

1. Basic Information:

   • GSTIN (Goods and Services Tax Identification Number)
   • Legal name and trade name of the taxpayer

2. Invoice-Wise Details:

   • All outward supplies made to registered persons (B2B) including exports
   • Details of inter-state supplies to unregistered persons where the invoice value is more than ₹2.5 lakh
   • Details of intra-state supplies to unregistered persons (B2C) including supplies through e-commerce operators

3. Debit and Credit Notes:

   • Details of debit and credit notes issued during the quarter

4. Amendments:

   • Amendments made to the details of outward supplies reported in previous tax periods

5. Nil-Rated, Exempt, and Non-GST Supplies:

   • Summary of supplies that are nil-rated, exempt from GST, or outside the scope of GST

6. HSN-Wise Summary:

   • Summary of goods and services supplied, classified by HSN (Harmonized System of Nomenclature) code

Filing Process for GSTR-1 Quarterly

1. Preparation:

   • Gather all invoices issued during the quarter
   • Collect details of debit and credit notes, if any
   • Reconcile the sales data with the books of accounts

2. Online Filing:

   • Log in to the GST portal using your credentials
   • Navigate to the ‘Services’ tab and select ‘Returns’
   • Select ‘GSTR-1’ for the appropriate tax period
   • Enter all required details and upload the invoices
   • Review and submit the return

3. Acknowledgment:

   • After submission, an acknowledgment reference number (ARN) is generated
   • The status of the return will be updated on the GST portal

Key Points to Remember

• Timely Filing: Ensure GSTR-1 is filed by the due date to avoid penalties.
• Accurate Details: Provide accurate and complete details to prevent discrepancies and mismatches with the recipient’s data.
• Reconciliation: Regularly reconcile sales data with the books of accounts to ensure accuracy in GSTR-1.

Consequences of Non-Compliance

• Late Fees: ₹200 per day of delay (₹100 CGST + ₹100 SGST), subject to a maximum cap.
• Interest: Interest may be charged on any late payment of GST due to the delayed filing.
• Impact on ITC: Recipients may face issues in claiming input tax credit due to discrepancies in their GSTR-2A and GSTR-2B.

Benefits of Filing GSTR-1 Quarterly

• Reduced Compliance Burden: Filing quarterly reduces the frequency of filing, making it easier for small businesses to comply with GST regulations.
• Simplified Process: For businesses with fewer transactions, quarterly filing simplifies the process of maintaining records and filing returns.
• Cash Flow Management: Provides better management of cash flow as the tax payment frequency is reduced.

Amendments and Corrections

• Amendments: Errors in GSTR-1 can be corrected by filing amendments in the subsequent quarters’ returns.
• Accuracy: Ensure all corrections are made accurately to maintain compliance and avoid future discrepancies.

In summary, GSTR-1 Quarterly is designed for small taxpayers with lower turnover to reduce their compliance burden and simplify the GST return filing process. It captures all necessary details of outward supplies, ensuring proper reporting and compliance with GST laws. Regular and accurate filing is essential for maintaining compliance and avoiding penalties.

• Who Should File GSTR-1 Quarterly? Taxpayers with an annual turnover up to ₹5 crore have the option to file GSTR-1 on a quarterly basis.
• Frequency of Filing: Quarterly filing is available to eligible taxpayers who do not opt for monthly filing. The taxpayers can choose this option at the beginning of the financial year.
• Due Date for Filing: The due date for filing GSTR-1 quarterly is the last date of the month following the quarter. For example, for the quarter ending in June, the due date would be July 31st.
• Details Included in GSTR-1 Quarterly: Basic Information: GSTIN, legal name, and trade name of the taxpayer. Invoice-Wise Details: Details of all outward supplies made to registered persons (B2B) and unregistered persons (B2C) including exports. Debit and Credit Notes: Details of debit and credit notes issued during the quarter. Amendments: Any amendments to the details of outward supplies reported in previous periods. Nil-Rated, Exempt, and Non-GST Supplies: Summary of all such supplies made during the quarter. HSN-Wise Summary: Summary of goods and services supplied, classified by HSN (Harmonized System of Nomenclature) code.
• Benefits of Quarterly Filing: Reduced Compliance Burden: Quarterly filing reduces the frequency of filing, making it easier for small businesses to comply with GST regulations. Simplified Process: For businesses with fewer transactions, quarterly filing simplifies the process of maintaining records and filing returns. Cash Flow Management: Provides better management of cash flow as the tax payment frequency is reduced.

1. Invoice Details:

   • Invoices issued for all outward supplies made during the quarter, including:
     • Invoice number and date
     • Customer's GSTIN (if registered)
     • Customer's name and address
     • Description of goods or services
     • Quantity and unit of measurement
     • Taxable value and tax rates (IGST, CGST, SGST/UTGST)
     • HSN (Harmonized System of Nomenclature) code or SAC (Service Accounting Code) for goods and services

2. Credit/Debit Notes:

   • Details of credit notes and debit notes issued during the quarter, specifying the original invoice numbers they relate to and the reasons for issuance.

3. Exports and SEZ Supplies:

   • Details of exports and supplies made to Special Economic Zones (SEZs), including:
     • Invoice numbers and dates
     • Shipping bill numbers (for exports)
     • Relevant export documentation

4. Amendments to Previous Returns:

   • If there are any corrections or amendments to invoices or other details from previous filing periods, documentation related to these adjustments should be prepared.

5. Nil Rated, Exempt, and Non-GST Supplies:

   • Separate reporting for supplies that are nil-rated, exempt from GST, or non-GST supplies (if applicable).

6. Digital Signature (if applicable):

   • Ensure that the GSTR-1 form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

7. Internal Controls and Procedures:

   • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations.

8. Supporting Documents:

   • While not always submitted with the return, it's essential to maintain supporting documents such as:
     • Sales registers
     • Purchase registers
     • Export documentation (if applicable)
     • Credit/debit note registers
     • Any other relevant documents that substantiate the information reported in GSTR-1

9. Quarterly Filing Schedule:

   • Ensure that the filing is done within the specified due dates for quarterly GSTR-1 filing, as per GST regulations.

10. Communication with Tax Authorities:

    • Maintain records of any communications or clarifications sought from tax authorities regarding quarterly GSTR-1 filings.