GSTR-1 holds data of a sale and supply of goods and services of a company or a person which is done by a taxpayer during the tax period. Taxpayers have to fill in the relevant data of their GSTR-1 sales returns. This return is not valid for composition vendors, non-resident foreign taxpayers, and those who are Unique Identification Numbers. If a business owner whose turnover is less than 5 crores can file quarterly GSTR-1 and GSTR 3B.
Documents that are issued during the tax period:- Invoices for outward supply, invoices for inward supply for unregistered persons, revised invoices, debit notes, credit notes, receipt vouchers, payment vouchers, refund vouchers, delivery challans.
GSTR-1 | 3B Due Date Notification
The government has released an extended due date is June 26 to file a GSTR-1 and GSTR-B. GSTR-1 has to give the details of supplies which they have done in a month.
Also, the taxpayers which are registered under the companies giving them a liability to pay GST returns by electronic verification code not by the digital signature certificate till august 31 2021. You can file the GSTR-3B through the GST portal Form. GSTR-3B done under the return section which is mentioned on the portal. The option is given on the portal to access, you can enter the details by clicking on the services> Returns> Returns Dashboard. After choosing the correct option or fiscal year and tax period, Form GSTR-3B, (if applicable), for the given period. The filing of GSTR-3B is very important for both normal and casual taxpayers also if you are not doing business.
GSTR-1 Late Fee Notification
A late fee waiver is applicable only till the given time, after that you have to pay Rs. 50 for each day by not filing the GSTR-1. Taxpayers can clear their backlogs of GSTR-1, which is pending from July 2020- March 2021 without paying any late fees as the head are declared, that one-time measure are given to clear backlogs. However, the late fee waiver is applicable for 15 April 2021, after that Rs. 50 will be charged per day if you are not filing the GSTR-1 according to the Central Board of Income Tax (CBIC). Your late fee can go a maximum of 10,000 per statement as per existing provisions. The CBIC also told that the government has decided to take several steps if the taxpayers are not filing GSTR-1 for the next 10 months, which may include an action such as blocking the E-way bills.