GST Return (GSTR -1) for July 2017 month to be filed by 5th September – Due date for GSTR 1 for July Month

 

1.0 Introduction

The taxpayers under GST has not even completed the GSTR 3B, but the due date for filing the GSTR 1 for the month of July is already reaching and now just 5 days are left for filing the GSTR 1.

As said, though just 5 days are left, taxpayers are even not aware whether they need to file the GSTR 1 or not? This is because everybody is in the dilemma that only 1 return i.e. GSTR 3B is to be filed but the truth is that they need to file the GSTR 1, 2 and 3 for the month of July in the month of September.

Let us understand what GSTR 1 is and why it is important to file it correctly.

 

2.0 What is GSTR – 1?

Under GST, there are in total three GST returns which are required to be filed for every month.  The three monthly returns are as follows:

• GSTR 1 (Outward or sales return)
• GSTR 2 (Inward or purchase return)
• GSTR 3 (Consolidated return)

GSTR 1 is the detailed summary of the outward return or sales return of the business which includes the entire tax invoice raised and all the debit note raised by the customers. It has to be filed correctly to avoid any mismatch of data with the GSTN portal.

 

3.0 When I have already filed GSTR 3B for July, then why should I file GSTR – 1?

To get the answer of the above question, we need to dig into the detailed concept. Since GST was new the government decided to defer the filing of GSTR 1, 2 and 3 just to smooth the implementation of GST. Instead the government notified another return (GSTR 3B) so that atleast the government can collect the summary data and the GST for the month of July.

Further, Since now the GST has been implemented, the government now want every taxpayer to file the correct and detailed GSTR – 1 so that any error or mistake done in GSTR 3B can also be corrected.

 

4.0 Why GSTR 1 should be filed in supervision of GST expert?

Since, GSTR 1 carries all the details relating to your tax invoice or sales, it has the direct impact on the tax you shall be required to be paid. Hence, get it filed by the expert because any mistake incurred in filing the GSTR 1 shall have the direct impact on the payment of GST.

 

5.0 Can we revise the GSTR 3B return via GSTR 1?

Yes, if you had entered any data by mistake in the GSTR 3B, then the same can be amended in GSTR 1 and any differential shall be paid or adjusted.

 

6.0 Conclusion

If you have any query or you want a GST expert for filing GST return, then please email us at info@hubco.in or visit our GST return filing page.