Monthly GSTR 1

monthly GSTR 1
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Monthly GSTR 1

Overview of GSTR 1

Form GSTR-1 is a monthly/quarterly return to be furnished by the taxpayer registered as a regular taxpayer. Taxpayers are required to furnish a detailed summary of the outward supplies of goods or services or both in Form GSTR 1. It is mandatory to furnish Form GSTR 1 irrespective of the fact whether there was any business or not.

Note: There is no provision to revise the Form GSTR 1. If any amendments are required then that is to be done in the next period’s return.

Note: Taxpayers can also avail the facility of furnishing Nil Form GSTR 1 via SMS.

Taxpayers are bifurcated into monthly/quarterly filers based on the annual aggregate turnover of the preceding financial year.

Taxpayers whose aggregate turnover is up to Rs. 1.5 Crores in the preceding financial year or the current financial year have the option to opt for the monthly return or quarterly return in Form GSTR 1 at the begging of the financial year.

Taxpayers whose aggregate turnover is more than Rs. 1.5 crores in the preceding financial year or the current financial year have to mandatorily furnish the monthly return in Form GSTR 1.

Due dates of Monthly GSTR 1 for the financial year 2020-21 

For the month of March 2021

Due Date notified was 11th April 2021 – CGST notification no. 75/2020 dated 15th October 2020

For the month of February 2021

Due Date notified was 11th March 2021 – CGST notification no. 75/2020 dated 15th October 2020

For the month of January 2021

Due Date notified was 11th February 2021 – CGST notification no. 75/2020 dated 15th October 2020

For the month of December 2020

Due Date notified was 11th January 2021 – CGST notification no. 75/2020 dated 15th October 2020

For the month of November 2020

Due Date notified was 11th December 2020 – CGST notification no. 75/2020 dated 15th October 2020

For the month of October 2020

Due Date notified was 11th November 2020 – CGST notification no. 75/2020 dated 15th October 2020

For the month of September 2020

Due Date notified was 11th October 2020 – CGST notification no. 28/2020 dated 23rd March 2020

For the month of August 2020

Due Date notified was 11th September 2020 – CGST notification no. 28/2020 dated 23rd March 2020

For the month of July 2020

Due Date notified was 11th August 2020 – CGST notification no. 28/2020 dated 23rd March 2020

For the month of June 2020

Late fees was waived if the monthly return was filed by 5th August 2020. – CGST notification no. 53/2020 dated 24th June 2020.

Due Date notified was 11th July 2020 – CGST notification no. 28/2020 dated 23rd March 2020

For the month of May 2020

Again a waiver from late fees was granted if the monthly return was filed by 28th July 2020. – CGST notification no. 53/2020 dated 24th June 2020.

Late fees was waived if the monthly return was filed by 30th June 2020. – CGST notification no. 33/2020 dated 3rd April 2020.

Due Date notified was 11th June 2020 – CGST notification no. 28/2020 dated 23rd March 2020

For the month of April 2020

Again a waiver from late fees was granted if the monthly return was filed by 24th July 2020. – CGST notification no. 53/2020 dated 24th June 2020.

Late fees was waived if the monthly return was filed by 30th June 2020. – CGST notification no. 33/2020 dated 3rd April 2020.

Due Date notified was 11th May 2020 – CGST notification no. 28/2020 dated 23rd March 2020

 

Notifications are different from decisions taken in GST Council

As per Press Release of 42nd GST Council meeting 

To reduce and relax the compliance burden for taxpayers having aggregate turnover upto Rs. 5 Crores were to be considered as small taxpayers and would be required to furnish the returns quarterly in Form GSTR 1 and Form GSTR 3B.

Taxpayers whose aggregate turnover is more than Rs. 1.5 Crores but upto Rs 5 Crores were expected to get relaxation from monthly returns in Form GSTR 1 and Form GSTR 3B. But for the above taxpayers, have not been given the option to furnish a quarterly return as per the notifications issued.

As per the CGST Notification no. 74 and 75 dated 15th October 2020

Only the due dates have been notified for the quarterly/monthly filers of Form GSTR 1.



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CA Ankita Khetan
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