There have been lots of changes introduced to the GST filing process in the 31st GST Council Meeting. One of the changes that has been brought in is the New GST Return. The main aim of the new return system is to simplify the filing process for taxpayers registered under GST.
This new return will consist of one main return, which will be filed on a monthly or quarterly basis, and two main annexures: GST ANX-1 and GST ANX-2.
Taxpayers with a turnover of less than 5 crores in the previous financial year can file the new return on a quarterly basis. Previously, all taxpayers had to file a total of 16 returns every year, but with the new return, taxpayers have to file just 4 returns annually. You can upload transactions at any time of the month, and this process is termed Continuous Upload.
Returns to be filed and period of filing
Based on your annual turnover, you can choose your filing period:
Monthly (annual turnover > 5 crore)
Quarterly (annual turnover < 5 crore)