GSTN introduces option for monthly, quarterly filing of forms

The Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR1 form on quarterly or monthly basis. Taxpayers with annual aggregate turnover up to Rs.1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns.

Form GSTR1 summaries all the sales of a taxpayer. This has been done as per decision taken in the 23rd GST council meeting. After giving their option, taxpayers can file GSTR 1 for the relevant return periods, GSTN said in a statement.