As per reports, the late fee waiver pertaining to GSTR-1 for July 2017 to November 2019 was further extended from 10th January 2020 to 17th January 2020.
The initiative had encouraged taxpayers significantly, as around 54 lakh GSTR-1 were filed since the announcement. The decision was taken to promote the reduction of unmatched credit.
Being a vital aspect of GST, GSTR-1 tends to impact other GST forms as well. This is why new and small business owners should learn about it in detail.
To elaborate, individuals should find out the eligibility for filing GSTR-1, steps involved to revise it and the ways to check ARN status online among others.
Eligibility for GSTR 1
GSTR 1 is the return that the registered dealers are required to file either monthly or quarterly.
Additionally, it is to be noted that depending on the turnover, entrepreneurs are required to register their returns either quarterly or monthly. In general, it comprises of all the details pertaining to the total sales made during a particular period.
It being said, irrespective of an increase or decrease in sales, every registered business owner is required to file GSTR-1 returns.
Typically, business owners with the sales volume of up to Rs.1.5 crore need to file GSTR-1 quarterly. Similarly, those with a sales volume exceeding Rs.1.5 crore would file it monthly.
However, some registered business owners are not required to file this return. For instance, the following individuals are exempted from this clause –
Input service distributors.
Non-resident taxable individuals.
Taxpayers who are accountable to collect TCS.
Taxpayers who are accountable to deduct TDS.
Suppliers of online information, database access or other retrieval services.
Therefore, you should check the list of exemptions to gain an accurate idea of the eligibility. Since it is one of the vital aspects that you need to know about GST, it will prove useful in several ways.
The revision process of GSTR-1
Individuals can rectify mistakes or make changes to their returns only at the time of filing the next returns. To elaborate, if an individual has made an error while filing their returns in October, they can rectify it while filing returns for November.
Notably, applicants can amend the mistakes made at the summary level and invoice. However, it must be noted that such amendments have their set of limitations and require applicants to adhere to them for filing returns correctly.
Steps to file GSTR1
Before moving on to discuss the steps involved, let’s find out some of the particulars that are deemed essential for filing GSTR.
Full name of the registered individual.
The registered mobile number that is linked with Aadhaar number.
Digital Signature Certificate
Other than these, keep information like these following in handy to complete the process in a hassle-free manner –
For first-time applicants, aggregate turnover for the previous year.
Taxable outward supplies forwarded to a registered individual.
Taxable outward supplies forwarded to a consumer.
Taxable supplies forwarded to unregistered individuals.
Estimated exports and zero-rated supplies, among others.
Once individuals have gathered enough information about the essential particulars, they can find out the GST registration procedure in India. For example, they would be required to –
Step 1 – Visit GST’s official online portal.
Step 2 – Login using your unique ID and password.
Step 3 – Click on the ‘Service’ menu.
Step 4 – Click on the ‘Returns’ option.
Step 5 – Select the applicable month and year.
Step 6 – Click on GSTR-1 once the aggregated returns are displayed on the screen.
Step 7 – Provide the required information and upload it online.
Step 8 – As per convenience, add or upload the respective invoices.
Step 9 – Enter ‘Submit’.
Step 10 – Click ‘File GSTR-1’ once the information provided has been validated.
Step 11 – Attach digital signature.
Step 12 – Click ‘Yes’ to confirm.
Step 13 – Generate the Application Reference Number or ARN.
Notably, applicants must keep the ARN number handy, as it is vital to track one’s respective ARN status online.
On the other hand, by completing these steps, taxpayers would be able to file their GST effectively. It would further encourage them to file the taxes on time and would, in turn, help avoid any penalty.
In case SME owners have been struggling to keep their business afloat and are finding it challenging to fulfil their tax liabilities on time, they may look for feasible financial options.
For example, they may opt for a substantial business loan from leading NBFCs like Bajaj Finserv at a competitive rate of interest.
This, in turn, would prove effective in replenishing your working capital and boosting your quality of production. Successively, it will also help file GST on time and with greater ease.
Nevertheless, depending on their sales volume individuals need to file their GSTR-1 on time. Consequently, they should opt for the online process and gather the required information in advance to streamline the process effectively.
Likewise, they should keep their generated reference number in handy to keep track of their ANR status easily.