1. Where is the power to levy GST derived from?
Every registered person, other than a person specified U/S-14 of the Integrated Goods and Services Tax Act, 2017, required to furnish the details of outward supplies of goods or services or both under section 37, and shall furnish such details in FORM GSTR-1
Due date for GSTR-1
GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. Its depends on the turnover if a taxable person whose aggregate turnover is up to Rs. 1.5 crore will file quarterly returns. Other taxpayers with sales above Rs. 1.5 crore have to file monthly return.
Who is required to furnished GSTR-1
All registered taxable persons are required to furnish the details of outward supplies of goods and services effected during the tax period, except:
- Input Service Distributors
- Composition suppliers
- Non-resident taxable persons
- Persons liable to deduct tax at source as per Section 46
- Persons liable to collect tax at source as per Section 56
Late Fees GSTR-1
Late Fees for not filing GSTR-1 is Rs. 50 per day of delay (Rs. 25 as per CGST Act and Rs. 25as per SGST Act). The late fees will be charged from the date after the due date. But if Nil return than it will be Rs 20 per day of delay.
Details to be submitted while furnishing the details of outward supply in GSTR-1
- Supplies made to registered persons and unregistered persons including consumers.
- Inter-State supplies to a consumer (non-registered person) where invoice value is more than ` 2,50,000 should be separately captured.
- Exempted supplies, Nil-rated supplies, Exports (including deemed exports) and non-GST supplies should each be captured, separately.
- Tax liability arising in the current tax period where invoice is not issued in the current tax period (i.e., yet to be raised).
- Invoices issued in the current tax period for which tax was already paid earlier (advances).
- Supplies made through e-commerce portal of other companies to registered taxable persons and other consumers, separately.
- The supplier has to mention the Harmonized System of Nomenclature for goods and Service Accounting Code.
Details of All Export Bills Must Be Uploaded To the GSTN
Summary of Debit Note, Credit Note, Advance Receipt and Amendments