What is gstr 1? How do you file it?
on channel: Business Insight
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 While GSTR1 is the monthly statement of outward supplies of goods or services filed by registered individuals 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. GSTR-1 is filed in FORM GSTR-1. The various details included in GSTR-1 are GSTR1 is a monthly statement of outward supplies to be crafted by all normal and casual registered taxpaying individuals who are engaged in outward supplying of goods and services and possess information related to these outward supplies. Is it mandatory to file GSTR1 GSTR-1 is a monthly or quarterly return to be filed by regular dealers the GSTR2 return reflects the accrual of the input tax credit from the inputs collected at some point of the prior month. What is the late fee for GSTR1 000 are required compulsorily to file income tax returns under GSTR1. How do GSTR1 and GSTR2 differ from each other The penalty or the late fee for not filing GSTR1 is Rs 200 per day that includes Rs 100 for CGST Act and Rs 100 for SGST Act.
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