Gstr 1 basics
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The document outlines the basics of GSTR-1, a return that must be filed by all registered dealers to summarize outward supplies. It specifies who is required to file, including those with and without transactions, and details exemptions for certain categories like input service distributors and non-resident taxable persons. Late fees for non-filing are also mentioned, with specific penalties based on the duration of the delay.
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Gstr 1 basics
- 1. GSTR 1 BASICS • What is GSTR 1 ? • Quarterly returns or Monthly returns? • Persons liable to file GSTR 1 and persons who are exempt • Late fees for not filing return CRYSTAL CLEAR M&K COMMERCE
- 2. Return which provides summary of all the outward supplies made by a registered supplier i.e sales Monthly or quarterly return Required to be filed by every registered dealer Made up of 13 sections
- 3. More than Rs 1.5 crores Upto Rs 1.5 crores Monthly return Quarterly return
- 4. Who is required to file GSTR-1 Every registered person is required to file GSTR-1 return irrespective of whether any transactions have occurred during the period or not. Who is not required to file GSTR-1 INPUT SERVICE DISTRIBUTOR COMPOSITION DEALER 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 and deduct TDS respectively
- 5. LATE FEES AND PENALTY RS. 50 for each day of delay from the day of due date RS. 20 for each day of delay from the day of due date For nil return
- 6. THANK YOU FEEL FREE TO ASK QUERIES CONTACT NO-9960849993 MAIL US AT- crystalclearmk@gmail.com CRYSTAL CLEAR M&K COMMERCE