New Delhi:- Dec 18 (PTI) Adding on to the new functionalities introduced on the Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR-1 form on monthly or quarterly basis.
Who Will Affect?
The advantage of this new option will be to those traders whose annual aggregate turnover is up to Rs. 1.5 crore in the last financial year, or if so many turnover is expected in the current financial year, they can use this option (quarterly returns).
Form GSTR-1 summarises all the sales of a taxpayer.
This has been done as per the decision was taken in the 23rd GST Council Meeting. After giving their option, taxpayers can file GSTR 1 for the relevant return periods. It also states that the taxpayers who choose to enter quarterly returns will have to select the last month of the quarter from the drop-down menu.
In addition, all taxpayers who opt for monthly returns can now file GSTR- 1 from August to November. It is mandatory to file returns last month.
GSTN has been set up so that it provides IT infrastructure and services to the central as well as state governments, taxpayers and stakeholders along with the Center. Let us know that the goods and services tax was implemented on July 1, 2017 across the country.