GSTR1

GSTR1 is a monthly or quarterly tax return that registered taxpayers under the Goods and Services Tax (GST) regime in India must file. It details outward supplies of goods and services made by a business. This return contains information about all taxable sales, including invoices issued, debit notes, credit notes, and advances received. The data reported in GSTR1 is crucial for the recipient taxpayer's ability to claim Input Tax Credit (ITC).

The filing of GSTR1 is a mandatory requirement for all regular GST-registered taxpayers. Taxpayers have the option to file this return monthly or quarterly, depending on their aggregate annual turnover. Those with an annual turnover exceeding a specified threshold must file monthly, while those below the threshold can opt for quarterly filing. The due date for filing GSTR1 varies based on the chosen frequency.

Key information required in GSTR1 includes details of inter-state and intra-state supplies, exports, supplies to special economic zones (SEZs), and Nil-rated or exempt supplies. It also requires the reporting of amendments to previous GSTR1 filings. The return is filed electronically through the GST portal. Failure to file GSTR1 on time can result in penalties and interest, and may also prevent recipients from claiming their ITC, impacting their own tax compliance. GSTR1 serves as the primary source for outward supply data in the GST system, forming the basis for GSTR-2A and GSTR-2B, which are used for reconciliation of input tax credit.