A GST return form for reporting all outward supplies (sales) details
GSTR-1 is a GST return form that every registered taxpayer in India must file to report details of all outward supplies (sales) made during a tax period. It includes information about invoices issued, credit notes, debit notes, and advance payments received. GSTR-1 must be filed monthly by businesses with annual turnover exceeding Rs. 5 crore, and quarterly by those under the QRMP (Quarterly Return Monthly Payment) scheme with turnover up to Rs. 5 crore. The due date for monthly GSTR-1 is the 11th of the following month. GSTR-1 contains details like buyer GSTIN, invoice number, date, taxable value, and tax amounts broken down into CGST, SGST, and IGST. The data filed in GSTR-1 is auto-populated into the buyer's GSTR-2B for input tax credit matching. Filing GSTR-1 accurately and on time is crucial because errors or delays can cause input tax credit issues for your buyers and attract late filing penalties.
A textile trader in Surat makes the following sales in January: B2B sale of Rs. 2,00,000 to a registered dealer (GSTIN: 24AABCU9603R1ZM) with 5% GST = Rs. 10,000, and B2C sales totalling Rs. 80,000 with Rs. 4,000 GST to walk-in customers. In the GSTR-1 filed by 11th February, the trader must report the B2B invoice with full buyer details, and the B2C sales as a consolidated entry. Total taxable value reported: Rs. 2,80,000 with total tax of Rs. 14,000.
For monthly filers (turnover above Rs. 5 crore), GSTR-1 is due on the 11th of the following month. For quarterly filers under QRMP scheme (turnover up to Rs. 5 crore), GSTR-1 is due on the 13th of the month following the quarter.
Late filing of GSTR-1 attracts a penalty of Rs. 50 per day (Rs. 20 per day for nil returns), capped at Rs. 10,000 per return. More importantly, your buyers will not see your invoices in their GSTR-2B, which blocks them from claiming Input Tax Credit, potentially damaging your business relationships.
Yes, you can amend GSTR-1 details in the return of any subsequent month. Amendments to B2B invoices are reported in the amendment tables of the next period's GSTR-1. However, amendments for a financial year can only be made until the return for September of the following year or the annual return filing date, whichever is earlier.
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