Key Points
Ease of doing business for MSMEs: Filing a Goods and Services Tax (GST) return is mandatory for every GST Identification Number (GSTIN) registered..
GSTR-1 is a monthly statement of outward supplies to be furnished by taxpayers for supplying goods and services or both either by sale, transfer, barter, exchange, licence, rental, lease or other modes..
However, if your businesss turnover during the preceding financial year was up to Rs 5 crore or if the expected for the current financial year would be up to Rs 5 crore, you can opt for the Quarterly Returns with Monthly Payment (QRMP) scheme to file GSTR-1 on a quarterly basis while paying tax dues on monthly basis through a challan...
Non-resident foreign taxpayers, online information database and access retrieval service providers, ISDs, TDSdeductors and e-commerce platforms collecting TCS are also not required to file GSTR-1...
Importantly, the annual return can only be filed if the taxpayer has filed GSTR-1 and GSTR-3B of the relevant financial year..
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