Question

We have a firm. which is not turnover (5 crore). can I GSTR-1 return quarterly /monthly /optional.

Answer

As per Press Release dated 21-07-2018 GST Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. Quarterly return shall be similar to main return with monthly payment facility but for two kinds of registered persons ' small traders making only B2C supply or making B2B + B2C supply. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. In these returns details of information required to be filled is lesser than that in the regular return.

However the same will become effective from the date when Notification is issued by CBEC. You will be informed as soon as the Notification will be issued. Till then option of filing quarterly returns is only with taxpayers having turnover upto 1.5 crore. (Reply dt.16/08/2018)