The Central Board of Indirect Taxes and Customs (CBIC) notified the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 which seeks to amend the Central Goods and Services Tax Rules, 2017.
The notification prescribed the manner of opting for furnishing quarterly return.
The notification said that every registered person intending to furnish return on a quarterly basis under proviso of section 39(1), shall in accordance with the conditions and restrictions notified in this regard, indicate his preference for furnishing of return on a quarterly basis, electronically, on the common portal, from the 1st day of the second month of the preceding quarter till the last day of the first month of the quarter for which the option is being exercised.
The notification laid down that where such option has been exercised once, the registered person shall continue to furnish the return on a quarterly basis for future tax periods, unless the said registered person becomes ineligible for furnishing the return on a quarterly basis as per the conditions and restrictions notified in this regard; or opts for furnishing of return on a monthly basis, electronically, on the common portal.
A registered person will not be eligible to opt for furnishing quarterly return in case the last return due on the date of exercising such option has not been furnished.
“A registered person, whose aggregate turnover exceeds 5 crore rupees during the current financial year, shall opt for furnishing of return on a monthly basis, electronically, on the common portal, from the first month of the quarter, succeeding the quarter during which his aggregate turnover exceeds 5 crore rupees,” the notification said.
The notification will be enforced from 1st January, 2021.
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