Note: In this document, the features that are currently not available in Trial version are highlighted in the Grey text.
1. What is Form GST RET-1?
Form GST RET-1 is a consolidated return, auto-drafted based on Form GST ANX-1 and Form GST ANX-2 of the taxpayer. Form GST RET-1 provides the details of tax liability for a given tax period, ITC on the procurements and details of tax paid etc. The details of tax liabilities and Input Tax Credit gets auto-populated in Form GST RET-1, from Form GST ANX-1 and Form GST ANX-2, respectively.
2. What are the pre-requisites for filing Form GST RET-1?
Pre-requisites for filing Form GST RET-1 are:
- Taxpayer must be a normal/ casual taxpayer including SEZ Unit and SEZ Developer and must have an active GSTIN.
- He/she has opted the Return filing period as Quarterly.
- Taxpayer must have valid login credentials (i.e. User ID and password).
3. Who is required to file Form GST RET-1?
Form GST RET-1 is required to be created and filed by a normal taxpayer, including SEZ Unit and SEZ Developer, who have selected to file the return on Quarterly basis.
Filing Form GST RET-1
4. From where can I file Form GST RET-1?
Login to the GST Portal. Navigate to Services > Returns > New Return (Trial) > Select the Financial Year, Return Filing Period, Form/Return (as RET) and Preparation Mode (as Online) > PROCEED to file Form GST RET-1.
5. Is it mandatory to file Form GST RET-1?
It is mandatory to file Form GST RET-1, even if there is no business activity during the period of return. Taxpayer is required to file NIL Form GST RET-1 in such cases.
6. When can I file NIL Form GST RET-1?
Nil Form GST RET-1 can be filed by you, if you have:
- Not made any outward supply (commonly known as sale); AND
- Not received any inward supply of goods/services (commonly known as purchase); AND
- No other liability to report including interest; AND
- No input tax credit to be claimed or reversed etc. AND
- Filed the applicable PMT-08 of the quarter as NIL
7. Is there any Offline Tool to prepare Form GST RET-1?
No, there is no offline tool for preparing Form GST RET-1.
8. Is there any late fee in case of delayed filing of Form GST RET-1?
Yes, there is late fee, in case of delay in filing of Form GST RET-1, beyond the due date. Interest, if any, needs to declared by the taxpayer at the time of filing of Form GST RET-1.
9. What are the different types of interest to be declared by the taxpayer, while filing Form GST RET-1?
Listed below are the types of interest to be declared by the taxpayer, while filing Form GST RET-1:
- Interest and late fee due to late filing of return for the tax period
- Late reporting of documents of previous tax periods
- Rejection of accepted documents by the recipient
- Interest on account of reversal of input tax credit
- Interest on account of late reporting of supplies attracting reverse charge
- Other interest liability
10. What should I do if my cash balance in Electronic Cash Ledger is less than the amount required to offset the liabilities?
If available cash balance in Electronic Cash Ledger is less than the amount required to offset the liabilities, then additional cash required to be paid by taxpayer is shown in the ‘Additional cash required’ column. You may create challan for the payment of this amount directly by clicking on the ‘CREATE CHALLAN’ button.
11. Will the complete Form GST RET-1 form get auto-drafted based on Form GST ANX-1 and Form GST ANX-2?
No, complete return in Form GST RET-1 will not be auto-drafted based on Form GST ANX-1 and Form ANX-2. There are few user input cells, which are required to be provided by the taxpayers. All these cells are optional fields.
- All the cells which are in grey color in the Form GST RET-1, are system computed values and are non-editable.
- The table 5 pertaining to TDS/TCS is not being auto-drafted in trial version as it is based on actual deductions made.
- Taxpayer can also enter negative values in some cells.
Previewing and Signing Form GST RET-1
12. Can I preview Form GST RET-1 before filing?
Yes, you can view/download the preview of Form GST RET-1 by clicking on ‘DOWNLOAD GST RET-1 (PDF)’ before filing on the GST Portal.
13. What are the modes of signing Form GST RET-1??
You can file Form GST RET-1 using DSC or EVC.
Post Filing of Form GST RET-1
14. What will happen after Form GST RET-1 is filed?
After Form GST RET-1 is filed:
- ARN will be generated on successful filing of the Form.
- Status of GST RET-1 will be changed to ‘Filed’ from ‘Not filed’.
- An SMS and e-mail will be sent to the taxpayer on the successful filing of Form GST RET-1.
- Electronic Cash Ledger, Electronic Credit ledger and Electronic Liability Register Part-I will get updated after filing of Form RET-1.
- Advance tax Statement, Provisional tax statement and Negative liability statement will get updated, if there are details present in Form GST RET-1.
- The documents which have been marked as ‘Pending’, in Form GST ANX-2 by the recipient taxpayer, will flow to next tax period GST ANX 2 of the recipient taxpayer.
- The documents which have been marked as ‘Rejected’, in Form GST ANX-2 by the recipient taxpayer, will be populated in Form GST ANX-1 of the supplier taxpayer, for correction.
- The documents which are rejected by the recipient taxpayer and which have not been edited by the Supplier taxpayer in their Form GST ANX-1, will flow to next tax period Form GST ANX-1 of the supplier taxpayer.
- The documents on which action has not been taken by the recipient taxpayer, in their Form GST ANX-2, will be treated as Accepted, on filing of their Form GST RET 1.
15. I have filed Form GST RET-1. Can I revise it now?
Form GST RET-1 once filed, cannot be revised. However, amendment return in Form GST RET-1A can be filed.