The Goods and Services Tax has different types of systematic tax-paying methods. Gstr 1 return filing form is one of the many. It is a detailed tax return form that was introduced during the reformation and application of the Indian tax system through GSTN. Every registered taxpayer whose annual turnover is more than Rs 1.5 crore has to submit the outward supply details on the 11th of every month by filing gstr 1 return. Individuals whose turnover does not exceed more than 1.5 crores have to file the gstr 1 return quarterly.
What is Gstr 1?
As mentioned earlier, gstr 1 is a type of document where every registered taxpayer has to mention the details of their transactions. It is the initiation of processing input credit tax to the supplier. All the details of sales and supplying of goods need to be reported by the supplier during the tax period. It is also to be noted that even if there is no transaction that occurred in the entire month, the taxpayers still will have to submit gstr 1 return. Taxpayers can also continue submitting their invoices each month.
Who does not need to file gstr 1?
Following individuals are not obliged for gstr 1 return filing:
- Individual responsible to collect TDS
- Taxpayers eligible for TDS collection
- Online Information Database Access and Retrieval (OIDAR) Services suppliers
- Taxable individuals who are nonresidents
- Taxpayers registered under the GST composition plan
- Input Service Distributors (ISD)
Features of Gstr 1 return form
Following are the … READ MORE ...