Facility to change return frequency

Facility to change return frequency for normal taxpayer now available on GST Portal

The GSTN (GST Network) has conducted the webinar regarding the new functions available to the normal registered persons. The GSTN have provided this option to the person who has mentioned the return period quarterly or monthly by mistake. When the person tries to file the first return for the financial year 2018-19 the portal will show us the popup for the turnover:-

“Whether your aggregate turnover during the Previous Financial year was up to Rs. 1.5 Crore OR Do you expect your aggregate turnover during the current Financial year to be up to Rs. 1.5 Crore?”. It asks the person whether his taxable supply (Aggregate turnover exclude the GST or tax) made by him is less or equal to the Rs. 1.5 Crore.

If you select “Yes”, that means the aggregate turnover of the registered person does not exceeds the limit of the Rs. 1.5 crore and he can choose. Another question will appear on the screen, “Would you like to opt for quarterly filing of the tax return”. It depends on the registered person whether he wants to file the return(GSTR-1) monthly or Quarterly.

OR

 If you select “No”, that means the aggregate turnover of the registered person exceeds the limit of the Rs. 1.5 crore and the person have to file the return on monthly basis.

After selection, the person can file the return according to his selection. This option can be edited until the return(GSTR-1) is not file for the financial year 2018-19.

Taxpayers whose turnover is above Rs. 1.5 Cr and who have wrongly selected option as quarterly filing, now has been provided with the facility to change the option to monthly, provided the taxpayer has not filed any return, as per the wrongly selected quarterly option of filing return.