GSTR - 1
GSTR-1 is a crucial Goods and Services Tax (GST) return that every registered taxpayer in India (except for a few specific categories like Input Service Distributors, composition scheme dealers, etc.) needs to file. It's a monthly or quarterly statement of outward supplies (sales) of goods and services.
- Reporting Outward Supplies: It provides a detailed record of all sales made by a registered person during a tax period.
- Information for Buyers: The details furnished in GSTR-1 are used to auto-populate GSTR-2A and GSTR-2B for the recipients (buyers), allowing them to reconcile and claim Input Tax Credit (ITC).
- Tax Liability Calculation: It helps the government track the outward supply and determine the tax liability of the supplier.
Filing Frequency and Due Dates:
The frequency of filing GSTR-1 (monthly or quarterly) depends on the aggregate turnover of the taxpayer in the preceding financial year and their option:
- Monthly Filing: Taxpayers with an aggregate turnover exceeding ₹5 crore in the preceding financial year are required to file GSTR-1 monthly. The due date for monthly filing is the 11th day of the succeeding month. For example, the GSTR-1 for April 2025 is due on May 11, 2025.
- Quarterly Filing (QRMP Scheme): Taxpayers with an aggregate turnover of up to ₹5 crore in the preceding financial year can opt for the Quarterly Return Filing and Monthly Payment (QRMP) scheme
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