The Central Board of Indirect Taxes and Customs (CBIC) notified rules for Monthly/Quarterly filing of GSTR 1.
The central government notified that the registered persons, other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017, having an aggregate turnover of up to Rs.5 Crores in the preceding financial year, and who have opted to furnish a return for every quarter, under sub-rule (1) of rule 61A of the Central Goods and Services Tax Rules, 2017 as the class of persons who shall, subject to the various conditions and restrictions.
The individuals have to furnish a return for every quarter from January, 2021 onwards, and pay the tax due every month in accordance with the proviso to sub-section (7) of section 39 of the Act.
The individuals have to furnish the return for the preceding month, as due on the date of exercising such option, has been furnished.
Further, where such option has been exercised once, they shall continue to furnish the return as per the selected option for future tax periods, unless they revise the same.
The CBIC clarified that a registered person whose aggregate turnover crosses Rs.5 Crores during a quarter in a financial year shall not be eligible for furnishing of return on quarterly basis from the first month of the succeeding quarter.
Filing of Quarterly return is a deemed option for registered persons having aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on quarterly basis in the current financial year, and may change the default option electronically, on the common portal, during the period from the 5th day of December, 2020 to the 31st day of January, 2021.
Filing of Monthly return is a deemed option for registered persons having aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on monthly basis in the current financial year.
Filing of Quarterly return is a deemed option for registered persons having aggregate turnover more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year.
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