CBIC released Notification No. 74/2020 – Central Tax dated, the 15th October, 2020 for specifying the Due date for GSTR-1 for the months from October, 2020 to March, 2021.
Following questions emerge out of this-:
- Is it applicable for all the Registered Persons?
Yes, It is applicable for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year.
- What is the applicable due date for GSTR-1 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year?
For registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, the due date for Quarterly GSTR-1 for the period
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- October, 2020 to December, 2020, shall be 13th January, 2021
- January, 2021 to March, 2021, shall be 13th April, 2021
- What will be the late fee if filed after the due date?
The late fee shall be charged after the due date (i.e. 13th day of the month succeeding such quarter) till the date of actual filing of return at the rates prescribed under Section 47 of the CGST Act, 2017. But as if now, portal is not charging the late fee on GSTR-1.
- What shall be the interest if filed after the due date?
No interest shall be charged by supplier upon delayed filing of GSTR-1.
- What shall be the consequences for delayed filing of GSTR-1?
If there is delay in filing GSTR-1 by the supplier, then the recipient shall not be able to claim the ITC on the purchases made by him until the GSTR-1 is not filed by the supplier. So in order to make the harmonious relationship with the recipient and be the tax compliant taxpayer, the return should be duly filed.
- Can we revise GSTR-1?
GSTR-1 cannot be revised but amendments can be made in the next month/quarter GSTR-1 to make changes in already filed GSTR-1. Amendments in GSTR-1can be made upto the due date of the return under section 39, i.e., GSTR-3B for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier:
- What is the due date for GSTR-1 for registered persons having aggregate turnover of more than5 crore rupees in the preceding financial year or the current financial year?
For registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, the due date for monthly GSTR-1 is on or before the Eleventh day of the month succeeding the said tax period.
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