What you Need to Know About GSTR-1 Due Dates?

What you Need to Know About GSTR-1 Due Dates?

21 March, 2023

As a business owner, you must comply with the nation's laws. These include legislation related to labour, contract, licenses, and taxation. If you do not comply with these laws, your operations could be jeopardised, and you could also attract heavy fines. One such compliance is related to Goods and Services Tax (GST) and involves filing GST returns.

What are GST Returns?

According to the law, every registered business has to file GST returns for payment of taxes. Essentially, a GST return is a document that contains details regarding your income/sales and expenses/purchases. It is a document that every GST-registered person has to file with the taxation authorities. It is used by tax authorities to calculate your tax liability and includes the following:

  • Purchases

  • Sales

  • Output GST (for sales)

  • Input Tax Credit (GST paid on purchases)

GST returns have to be filed as per tax periods; monthly or quarterly, and annually. In total, there are 13 GST return forms. However, you only have to file GST returns applicable for the type of business you are in.

What is the GST Returns Filing Structure?

The GST returns filing structure varies according to the kind of taxpayer you are and the type of business you own. The different categories are given below:

  • Regular Taxpayers:

    This category consists of businesses and professionals who have to file their GST returns via forms GSTR-1 and GSTR-3B. These individuals must be registered under GST and file their returns on a monthly basis if their annual turnover exceeds ₹5 crore.

  • Composition Taxable Persons:

    Persons registered under the composition scheme must pay their taxes every quarter via form CMP-08. They have to provide basic details and file a new version of GSTR-4 annually by April 30th. This is a change from the previous regulation wherein taxpayers had to file a quarterly return in form GSTR-4 and an annual return in form GSTR-9A.

  • Returns for specific transactions/persons:

    You have to file specific GST returns for special transactions. The forms may include GSTR-5, GSTR-5A, GSTR-6, GSTR-7 and GSTR-8.

Apart from knowing which category of GST taxpayer you would fall under it is equally essential to be aware of the due date for filing your returns. Failing to file your GSTR-1 returns later than the due dates can attract monetary penalties and affect input tax credit (ITC).

Keeping track of invoices and payments is crucial while filing your GST returns. To that end, you can rely on SmartHub Vyapar by HDFC Bank. SmartHub Vyapar is a one-stop business growth solution that enables you to effectively collect customer payments, access credit in the form of overdrafts and loans, and even keep track of vendor payments; all from a single intuitive & holistic application.

To Download SmartHub Vyapar App By HDFC Bank, Click Here.

To read more about Direct and Indirect Taxes as Business Owner, Click Here.

​​​​​​​*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. HDFC Bank SmartHub Vyapar is available to only Individual & Sole Proprietorship entity and for select Current Account variants only. For other entity types, please connect with the nearest branch.

Download SmartHub Vyapar App By HDFC Bank, Click Here

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