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GST Return is usually a document that contains all the details of income that a taxpayer needs to file. The GST Return is used by tax authorities to compute your tax liability. Under the GST Regime, any registered dealer has to file GST Return that must include:
3) GST output on sales
4) Input tax credit; that is the GST paid on the purchases.
As per the GST Regime, any registered dealer having annual turnover upto Rs. 1.50 crore, can opt option for file GSTR 1 on Quarterly basis. GSTR 1 returns contain all the data of outward supplies made by the dealer during the Quarter.
As per the GST Regime, any regular business has to file GSTR 1. The essential part is, you need to file the GSTR 1 only. Once you file GSTR 1, the other two returns will get auto-populated using information from GSTR 1.
According to the GST Regime, any businesses that are liable to file GSTR 1 will have to file it on the last day of the upcoming month following the quarter. For example, if you have filed GSTR 1 for the quarter of June, you will file the next GSTR 1 on 31st July.
As per the GST regime, If any business fails to file GSTR 1 within the due dates, then a late fee of INR 50 will keep on adding until you file your GSTR 1. The Central Board of indirect taxes also states that the late fine penalty can go up to INR 10,000 per statement. It may also result in blocking the e-way bill. Thus you must file your GSTR 1 within the due dates.
If you have annual turnover upto Rs. 1.50 crore, then it is always better to chose quarterly filing of GSTR 1 instead of monthly.
The document required to file GSTR 1 are:
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