Who all are Exempted from filing the GSTR-1 ? Check out!
If you are not aware of a GSTR-1 form, then it is a monthly return which has a summary of all the sales & outward supplies of any taxpayer. Every registered dealer should file the GSTR-1.
If you are wondering about the due date, then it is based on the amount of your turnover. If your business has sales up to 1.5 crores that you need to file these returns on a quarterly basis. If your business turnover is more than 1.5 crore, you will have to file the GSTR-1 on a monthly basis.
Every single, person who is registered should file the GSTR-1 irrespective of the fact that you had sales that month or not.
People who are exempted:
- Composition dealers
- Various input service distributors
- Online information, database access, and retrieval services suppliers are also exempted from the GSTR-1
- Any taxable person who is a nonresident
- Any taxpayer who is liable to collect the TCS
- Any taxpayer who is liable to deduct the TDS
The main drawback is that this return cannot be revised once it is filed.
If you made any mistake, you could rectify it easily in the upcoming months by balancing it. If you cross the due date, then late fees of RS 200 per day will be charged for not filing the GSTR-1, so it is always advisable that every taxpayer should pay the GSTR-1 on time to avoid this. If you didn’t file any return on the previous month, then you cannot file this month’s return until and unless you do it. The interest rate is normally 18% per annum.
Some of the common mistakes people do while filing the GSTR- is that they give incorrect HSN code. It’s really easy for people to file the GSTR-1 online using third-party software available online. They are simple to use and saves your time. They accept the data provided by you and simply upload it to the GSTN portal.
If you do not have any accounting background and you make mistakes while calculation of tax then this is an easy way out. GSTR-1 should be filed by everyone irrespective of the jobs they perform, and it’s better not to be late. Contact us and take our services – visit www.rajlaxmiworld.com for more information.
