Clarification On Monthly And Quarterly GSRT1 Return for July-Sept 2017
It is observed that many of the tax payers are not clear about -
- whether they have to file their gstr1 return monthly and quarterly?
- what will happen if they have filed july return on monthly basis?
- whether they should file for aug and sept period also monthly or will have to revise it on quarterly basis?
- where to find the quarterly return option on gst portal.
For turnover above Rs 1.5 crores
The taxpayers whose aggregate turnover during the financial year 2016-17 exceeded Rs. 1.5 Crores or the new registrants who estimate their turnover to exceed Rs. 1.5 Crores during the financial year 2017-18, have to file their GSTR-1 return on monthly basis. Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In the meantime, such taxpayers can upload the invoices for August, September, October 2017 to avoid last minute rush.
For turnover below or upto Rs 1.5 croresThe taxpayers whose aggregate turnover during the financial year 2016-17 remained upto Rs. 1.5 Cr or the new registrants who estimate their turnover to remain upto Rs. 1.5 Cr during the current financial year, but who intends to file return on monthly basis, can also upload the invoices for the month of August, 2017.
All other taxpayers, who are liable to file GSTR-1 shall upload the invoices and file GSTR-1 for the quarter ending September, 2017, when the option to file the same will be available on the portal. The option to file quarterly return is not available on the gst portal right now, but is going to be live very soon.
But, the two important things to note about GSTR-1 for them are that -
1. The taxpayers eligible to file return on quarterly basis but have already filed the return for the month of July, 2017, shall have to upload the invoices of August and September jointly and have not to include the invoices of July month again.2. The taxpayers who have not filed GSTR-1 for the month of July, are advised to file the same quickly as they will not be able to file GSTR-1 for remainder of quarter (August-September) till they have filed GSTR-1 of July.
Click here to check the last date to file GSTR-1 Return, as per current update.
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