GSTR-1 Filing Made Easy with RealBooks

  • Posted on August 18, 2022
  • By Chandan Mohta

What is GSTR-1 and who should file GSTR-1?

Goods and Service Tax Return (GSTR) 1 is a monthly or quarterly filed return which incorporates all kinds of sales (outward supplies) of a registered GST taxpayer.

Following registered taxpayers are exempted from GSTR-1 filing:

  • Input Service Distributors
  • Composition Dealers
  • Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
  • Non-resident taxable person
  • Taxpayer liable to collect TCS
  • Taxpayer liable to deduct TDS

Due Date of filing GSTR-1

The due date of filing GSTR-1 is completely based on your aggregate turnover (Taxable Sales Value + Exempted Sales Value + Export of goods and services + Taxable Supply including supply to distinct person having same PAN).

Businesses with sales value 5 Crores or less, have an option to file quarterly returns under QRMP Scheme (Quarterly Return and Monthly Tax Payment). The due date for QRMP Scheme opted taxpayers is 13th of the month following the relevant quarter.

Whereas, businesses with sales value more than 5 Crores or those who have not opted for QRMP Scheme needs to file the return for every month on or before 11th of the next month.

Revised Return of GSTR-1

Return, once filed, cannot be revised under GST whereas the mistakes made in the current period return can be rectified in the next monthly or quarterly return or any subsequent month or quarter.

Penalty and Late Fees

Be it tax payment or return, when the due date is failed, it attracts penalty.

Thus, Late filing of GSTR-1 also attracts penalty as per below given rules:-

As per the GST Acts, for intrastate supplies, the late fee should be paid under both the CGST and SGST Act as Rs.25/- per day each. Hence, the Total late fees to be paid per day is Rs.50/-.

Earlier the late filing fees was fixed as a maximum amount of 10,000/- in total, which was later rationalized in June 2021, as the above mentioned amount.

For those filing the Nil return, must pay the late fee as Rs.10/- per day under both the CGST and SGST Act. Hence, the Total late fees to be paid per day is Rs.20/-

How RealBooks makes your GSTR-1 filing easy ?

Knowledge gaining is a long process: Life of a one man army is not easy. Learning on one end and counting days to the due date on the other end, is a process which it is more likely to attract errors further if you hire a skilled accountant for this, it will be a way big hit on your pocket. RealBooks give you a GST-Smart software where sale invoices are auto segregated as per GST norms.

Delay in filing: Having the knowledge is not enough, the preparation of the data before the return due date is also a big challenge. With the auto-generated GST reports over RealBooks, there would be no further delay. Forget the old process of converting the file to json format and then uploading. We have GSP integration as well in which the data can directly be uploaded to the GST portal from the software itself, saving the time of user.

Revised return: “There is no second chance” says the GST Portal when it comes to revised return whereas it gives a scope of amending your mistakes later on. But, RealBooks will stop you from making mistakes with their transaction warning pop-ups and various exception reports.

Consolidated reports: In case of multi-branch accounting, not only the inventory and accounting reports but also the GST reports are available in the consolidated format. This consolidated report helps in easy upload and filing of return since this report, when prepared manually, consumes a lot of precious accounting hours.

Updation at portal: Change is a continuous process and we firmly believe in the same. As soon as the GST portal comes up with a change or update, RealBooks also changes and updates the same in order to make your GST filing hassle free.

Invoice upload:  With the presence of GSP integration in our software, you can even upload any number of invoices at any point of time rather than waiting for the total invoice collection for the month which will make the monthly filing faster. In case of any further modification in the uploaded invoice, RealBooks gives you an option to re-upload the invoices multiple times.

Error Identification: Mistakes can be avoided but cannot be completely eliminated when it comes to manual or semi-manual process. Accounting through software is a semi-manual process thus if the uploaded invoices are rejected by the portal on account of error then RealBooks serves you with the invoice-wise reason for the rejection so that the re-uploading process is error-free.

Return filing and Tax payment is a process in which you serve the Govt. of your nation by giving them the exact deserving amount of taxes rather than leaving them into a countrywide mess.

RealBooks will help you in this service and will be a partner in your faithfulness towards the nation.

Switch to RealBooks and take your visionary organization towards a smarter and greener tomorrow.

Chandan Mohta