Central Board of Indirect taxes and Customs (CBIC) notifies on 10th November 2020 with Notification No. 84/2020-Central Tax that registered persons having an aggregate turnover of up to five crore rupees in the preceding financial year, and who have opted to furnish a return for every quarter, shall furnish a return for every quarter from January 2021 onwards, and pay the tax due every month in accordance with the prescribed rules.
Further stating, A registered person whose aggregate turnover crosses five crore rupees during a quarter in a financial year shall not be eligible for furnishing of return on a quarterly basis from the first month of the succeeding quarter.
For the registered person falling in the class specified in column (2) of the Table below, who have furnished the return for the tax period October 2020 on or before 30th November 2020, shall be deemed that they have opted under sub-rule (1) of rule 61A of the said rules for the monthly or quarterly furnishing of return as mentioned in column (3) of the said Table.
|SL No.||Class of registered person||Deemed option|
Registered persons having aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on a quarterly basis in the current financial year
Registered persons having an aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on monthly basis in the current financial year
Registered persons having aggregate turnover of more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year
Here is the official notification