However, the below individuals/ entities are exempt from filing GSTR 1: It is mandatory irrespective of the transactions and sales for a particular month, which means that even if there are no sales or transactions, you, as a registered dealer, have to file GSTR 1. Since GSTR 1 is the foundation that affects other GST forms, you must fill it with utmost care.Įvery registered dealer is liable to file GSTR 1. By doing so, the returns for the inward supply will be auto-populated with the details filed in GSTR 1. It means any individual involved in the supply of goods needs to specify the supply and recipient details. It is a monthly or sometimes quarterly return that you have to file to account for your business. GSTR 1 is a form that accounts for the outward supply of goods. To understand this better and comply with GST norms, read on for more information on GSTR 1. It's because the information you file under GSTR 1 is used as a base for all other forms to be auto-populated. When it comes to filing your taxes, GSTR 1 is one of the necessary forms. It is important to remember that you will need GST-compliant invoices for sales and purchases if you wish to file GST returns. These returns specify income details for clarity and calculate the amount of tax you are required to pay to the government. To comply with GST requirements, all those under the GST regime must file GST returns.
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