Seeks to notify class of persons under proviso to section 39(1)

Last updated: 19 November 2020

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This notification introduces a new option for certain registered persons to furnish their GST returns on a quarterly basis, starting from January 2021. This applies to businesses with an aggregate turnover of up to five crore rupees in the preceding financial year, provided they meet specific conditions. These conditions include having furnished their previous returns and understanding that once an option is chosen, it must be followed for future periods unless revised.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 84/2020Central Tax New Delhi, the 10th November, 2020 G.S.R....(E).In exercise of the powers conferred by proviso to sub-section (1) of section 39 read with proviso to sub-section (7

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FAQ :

Registered persons with an aggregate turnover of up to five crore rupees in the preceding financial year are eligible, provided they meet certain conditions and are not persons referred to in section 14 of the Integrated Goods and Services Tax Act, 2017.

The option to furnish returns quarterly is available from January 2021 onwards.

If your aggregate turnover crosses five crore rupees during a quarter in a financial year, you will no longer be eligible for quarterly returns from the first month of the succeeding quarter.

Yes, the conditions include having furnished the return for the preceding month as due on the date of exercising the option, and understanding that once chosen, the option must be followed for future tax periods unless revised.

Registered persons specified in the table can change their default option electronically on the common portal between December 5, 2020, and January 31, 2021.