Know everything about the GSTR-1 Nil Return Filing process on the GST portal
What is GST return?
A GST return is a document that contains all of the information related to the expenses, sales, purchases, and income of a taxpayer which is been further used by the tax department for the calculation of the net tax liability. Every individual, company, or any legal entity needs to file a return GST that is the return on purchase, return on sales and others for which they can claim the tax credit from the government. There is a different type of GST return form which is needed to file by the user for the amount on the returns from the government. In this article, we will discuss the process for GSTR 1 Nil Return Filing.
Every individual or a legal entity who is been registered under GST needs to file a GST return, when there are no returns taken place or there are no invoices issued at that time also taxpayer needs to file GST returns form which is termed as a Nil GST return.
GSTR 1 is a form that is used for outward services and goods. GSTR 1 contains information related to the outward services and goods wherein the taxpayer will have to file a return form with detailed information related to the credit notes, invoices, revised invoices, and credit notes for outward services and goods.
The GSTR-1 serves as the foundation for recipients of supply to claim an input tax credit on their returns. As a result, timely and precise declarations in GSTR-1 are required to avoid future complications with beneficiaries and to ensure that only legitimate input tax credits are claimed.
The GSTR 1 needs to be filled on the 11th of next month.
|Turnover||Late fees (in Rs)|
|Above Rs 5 crore||10,000|
|In between 1.5 crore to 5 crore||5,000|
|Up to 1.5 crore||2,000|
After logging on to the GST site, the taxpayer can trace the status of a Nil GSTR-1 return by following the same processes for any taxpayer and using the ARN received by browsing to ‘Services’ > ‘Returns’ > selecting the ‘Track Return Status’ option.
Q.1 Who needs to file GSTR 1?
Ans. Every taxpayer needs to file GSTR 1, even when there are no invoices taken place then also taxpayer needs to file nil return GSTR 1 form. The taxpayer who is exempt from filing are non – resident taxable persons, input service distributors, and casual taxable persons.
Q.2 In GSTR 1, what does the total invoice value indicates?
Ans. The column related to the total invoice value is for invoice value inclusive of taxes.
Ans. With the help of an online portal, one can file GSTR 1, another way is to use third-party software for filling, and uploading all the invoice documents with the help of offline tools.
Ans. The first thing which is essential is active GSTIN, valid login credentials, all the other credentials like Aadhar card number, mobile number, and registration id for online filing of GSTR 1.
Q.5 If I want to fill in information related to the Goods and Services in the same invoice would it be possible?
Ans. Yes, details related to the Goods and Services can be filled in the same invoices.