After the GST implementation, many changes have been taking place to make it a better tax reform in India. As Goods and Services Tax Network (GSTN) is the IT foundation of the newly integrated indirect tax regime, the GST council is putting efforts to make it more compatible according to taxpayers. The addition of new function on portal permits taxpayers to decide the frequency of GSTR-1 form filing on the basis of a quarterly or monthly returns.
Taxpayers who generated an annual turnover of up to Rs. 1.5 crore considering previous financial year and anticipated to generate that much of annual turnover in this financial year are eligible to file quarterly returns. The GSTR-1 form is all about the filing of the sales details of a taxpayer.
An important decision was formulated by the 23rd GST Council Meeting. After this change, it will be choice of the taxpayer to file GSTR-1 for the relevant quarterly or monthly period, as mentioned by the Goods and Services Tax (GST) Network in a statement. Furthermore, the taxpayer filing return on a quarterly basis is required to choose last month of the quarter from the available drop-down list options.
Whereas, the taxpayers who decide to file returns on monthly basis can file the GSTR-1 form from August and until November. It is also mentioned that Filing return for the previous month is also mandatory for all.
Goods and Services Tax Network is formulated with an objective to render IT infrastructure and services to the union and state governments, stakeholders, and taxpayers under GST, which is rolled out on July 1 this year.
