Goods and Services Tax Network (GSTN), the IT backbone of the new tax
regime, has put a new function on its portal to allow taxpayers choose
the frequency of filing GSTR 1 form on a quarterly or monthly basis.
Taxpayers with an annual aggregate turnover up to Rs 1.5 crore in the
previous financial year or anticipated in the current financial year can
avail themselves of the option of filing quarterly returns. GSTR 1
summarises all the sales of a taxpayer.
This has been done as per decision taken in the 23rd GST Council
Meeting. After giving their option, taxpayers can file GSTR 1 for the
relevant return periods, the Goods and Services Tax (GST) Network said
in a statement. It further said that taxpayers who opt for quarterly
filing will have to select the last month of the quarter from the drop
down menu. Further, all taxpayers who opt for monthly filing can now
file GSTR 1 form from August onwards till November. Filing of returns
for the previous month is mandatory.
GSTN has been set up to provide IT infrastructure and services to the
central as well as state governments, taxpayers and other stakeholders
for implementation of the GST, which came into force on July 01,2017
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