HOW TO FILE GSTR-1 QUARTERLY RETURN BY REGISTERED PERSONS WHOSE ANNUAL AGGREGATE TURNOVER IS LESS THAN RS.1.5 CRORES
The Goods and Services Tax
Act, 2017 came into force with effect from 1.7.2017 in India.
1)
Filing of Quarterly Return by regular registered
persons whose annual turnover is less then Rs. 1.5 Crores on the basis of their
turnover in previous financial year (2016-17) or in case of new registration
obtained after 1.7.2017 and expected turnover for current financial year i.e.
2017-18.
2)
Filing of Monthly Return by registered persons
with aggregate turnover of more than 1.5 Crores
Filing of quarterly returns by
regular registered persons whose annual turnover is less than Rs.1.5 Crores
were enabled in GST Portal with effect from 18.11.2017.
- Taxpayers opting for
quarterly filing of return will have to select the last month of the quarter
from the drop down menu. However, for the month of July 2017, GSTR-1 has
to be filed separately by all taxpayers, as option to file quarterly
returns is applicable for returns from August 2017 onwards.
- If a taxpayer opts to file
quarterly return, and their annual turnover is less than Rs 1.5 Cr (on
basis of their turnover in previous financial year or in case of new
registration obtained after 1st July 2017, expected turnover for current
financial year), then in such cases GSTR-1 of August, 2017 is disabled
and he can file details for August and September, 2017 in GSTR 1 of
September, 2017 and so on.
- Thus, taxpayers who opt for
quarterly return filing will have to file GSTR-1 of the various tax
periods in the following manner:
- For July: Monthly (by
choosing July from drop down menu)
- For 2nd Quarter (August
and Sept): Quarterly, by choosing Sept.
- For 3rd Quarter (Oct-Dec):
Quarterly, by choosing December
- Taxpayer who has already
filed GSTR 1 for July 2017, will not be able to revise the same. However,
amendment relating to invoices and other relevant document of July 2017
can be made through amendment Table (Table 9).
- Once taxpayer has chosen the option "Quarterly", they cannot change this option in the remaining part of the financial year 2017-18. Thus, they will be required to file Quarterly returns and they cannot opt for Monthly filing of returns during current financial year.