Saturday, June 23, 2018

Know more about GSTR-1

GSTR-1 is a monthly or quarterly return to be filed by regular dealers, the return of which is divided into 13 sections. It is the base document upon which the entire compliance structure of GST is based.
For traders with turnover upto Rs 1.5 crore annually, GSTR-1 needs to be filed on quarterly basis while that for traders having turnover above that needs to be filed every month. The late fee for filing GSTR-1 is Rs 50 per day after the due date, and Rs 20, in case of nil returns.

Once GSTR-1 return is filed, a trader does not need to pay any tax immediately. The tax has to be paid at the time of filing GSTR-3B


Composition dealers need not file GSTR-1. Such traders need to file GSTR-4 every quarter.

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