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06 November, 2017

GSTR 1: Return Filing and Formats

1. What is GSTR 1?

GSTR 1 is a monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.

2. Why is GSTR 1 important?

GSTR 1 contains details of all the sales transactions of a registered dealer for a month.

The GSTR 1 filed by a registered dealer is used by the government to auto-populate GSTR 3 for the dealer and GSTR 2A for dealers to whom supplies have been made.

GSTR-1 should be filed even if there are nil returns to be filed (no business activity) in the given taxable period.

3. Who should file GSTR 1?

Every registered person is required to file GSTR 1 irrespective of whether there are any transactions during the month or not.

The following registered persons are exempt from filing GSTR 1:

  • Input Service Distributors
  • Composition Dealers
  • Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
  • Non-resident taxable person
  • Taxpayer liable to collect TCS
  • Taxpayer liable to deduct TDS

 

 

 

 

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