What are the steps to file Gstr 1?
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GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales.21-Aug-2022
What is the purpose of filing Gstr 1?
GSTR-1 is a sales return that is required to be filed by every GST registered person. Tax payers are to enter details relevant to their sales & outward supplies in the GSTR 1 sales return.11-Nov-2021
Every registered dealer is liable to file GSTR 1. It is mandatory irrespective of the transactions and sales for a particular month, which means that even if there are no sales or transactions, you, as a registered dealer, have to file GSTR 1.
What happens if Gstr 1 is not filed?
If you do not file the GSTR 1 on time, your supplier cannot get the ITC. If you do not file GSTR 3B of previous period, the GSTR 1 cannot be filed. By mistake, you have declared more tax lability in your GSTR 1, you have no choice, but to pay this extra liability.04-Jan-2022
The due date to file GSTR-1 for April 2021 is extended from 11th May 2021 to 26th May 2021.11-Aug-2022
Who is eligible for gstr1?
Every registered taxable person, other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52 is required to file Form GSTR-1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal.
The due date for GSTR-1 is based on the taxpayer's annual turnover. For businesses with an annual turnover of 1.5 crores or above are required to file their form GSTR-1 on a monthly basis, on or before the 11th day of the succeeding month.
Can we file GST return without CA?
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.01-Aug-2021
GSTR 3B shows supplies during the month together with GST paid, Input Tax Credit availed, and reverse charge purchases etc. On the other hand, GSTR 1 is a monthly/quarterly return that shall be filed by taxpayers. GSTR 1 helps in disclosing details of monthly/quarterly sales and tax liability.26-Aug-2022
What is the penalty for Gstr 1?
Under the GST law, the late fee towards not furnishing GSTR-1 will be Rs 200 per day for late filing (Rs 100 as per the CGST Act and Rs. 100 as per SGST Act). The late fee imposed will be from the date post to the last date.04-Aug-2022
• GSTR 3B is a summary return with revenue. implication. • GSTR 1 is a monthly/quarterly return with. invoice-wise outward supply details. • GSTR 2A is an auto-populated return.
What is gstr1 and Gstr 2?
GSTR 1 is nothing but the return of reporting about your business. This type of return is filed by the normally registered taxpayers either once a month or quarterly. It represents your business sales return (outward supplies). GSTR 2 is also the return of reporting about your business.
The GSTR 1 form is a return form for the regular taxpayers who have to file details of outward supplies on every 11th of next month for those who cross the turnover more than 1.5 crores annually. The taxpayers who are under the threshold limit to 1.5 crores will have to file quarterly return.16-Aug-2022
What is B2B in GST?
As per GST terms, B2C Supply The terms B2C and B2B are used very frequently these days, these are stand for 'Business to Consumers' and 'Business to Business', these two are totally different kind of transactions because the intention of transaction are altogether different.11-Jun-2022
A taxpayer cannot file Form GSTR-1 before the end of the current tax period.08-Jul-2021
How much does CA charge for GST return?
GST Filing Fees by CA Firm / Consultants
The GST return online filing process can be completed in the following steps. Step 1: Use the GST portal that is www.gst.gov.in. Step 2: Based on your state code and PAN number, a 15 digit number will be issued. Step 3: Each invoice that you have needs to be uploaded.
What are the charges for GST return?
100 under CGST and Rs. 100 under SGST that accounts for Rs. 200 a day. With the late fee, an interest of 18% has to be paid per annum.
Starting 1 January 2021, small taxpayers with aggregate turnover of less than 5 crores can file quarterly GSTR 3B. Tax liability will be auto populated from GSTR 3B to GSTR 1 while filing returns.11-Nov-2021
Can we file Gstr 3B without filing Gstr 1?
YOU HAVE TO FILE GSTR 1 ON DUE DATE. well said by RAHUL MORADIA.
What are the steps to file Gstr 1?