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-:
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.
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
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.
No interest shall be charged by supplier upon 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.
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:
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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