New GST Return Filing Guidelines for Small Businesses:
Notification Issued by Government: Based on recommendations of GST Council.
Registered Persons Affected: Businesses with turnover up to five crore rupees in previous financial year. Opting for quarterly return filing.
Conditions for Quarterly Filing: Must have furnished previous month's return. Option once exercised continues unless revised.
Exclusion Clause: Turnover exceeds five crore rupees during any quarter, quarterly filing not allowed from next quarter's first month.
Deemed Option for Specific Cases: Based on turnover and filing frequency in current financial year. Default options mentioned in table.
Option Change Period: Registered persons can electronically change default option from December 5, 2020, to January 31, 2021.
Effective Implementation: Guidelines effective from January 2021 onwards. (Directed by Pramod Kumar, Government of India)
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