Taxpayers with aggregate Turnover upto Rs.1.5 crore can opt for monthly or quarterly returns filing

Taxpayers with aggregate Turnover upto Rs.1.5 crore can opt for monthly or quarterly returns filing

December 20, 2017 Fiscal, Industries, states 0

Goods and Services Tax Network (GSTN) has put a new function on its portal to allow taxpayers to 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. Taxpayers who opt for quarterly filing will have to select the last month of the quarter from the drop down menu.

All taxpayers who opt for monthly filing can now file GSTR 1 from August onwards till November. Filing of return of previous month is mandatory.

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