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New Return under 'GST RET 1" - All you want to know about this return

GST RET 1 is a normal return under GST. This return shall be filed on a monthly basis. However, the taxpayer can choose the quarterly/monthly filing option at the beginning of the financial year according to their turnover. The GST RET 1 format got approval in 28th GST council meeting.

Further, the taxpayer will have to upload the outward supplies and inward supplies details in GST RET 1 return. Thus, after implementing this return, taxpayers will not have to file GSTR 1 return additionally.

You can download GST RET 1 format in Excel as soon as it is available on this page. On the other hand, you will able to download GST RET 1 in pdf also. Similarly, you will find below the online filing instructions of GST RETURN.

Who shall file GST RET 1 Return

All Taxpayers registered under GST shall file GST RET 1 return. The taxpayers having turnover below 5 crores will have an option to file Return Quarterly.
However, the payment of taxes shall be made on a monthly basis. On the other hand, taxpayers having more than 5 crore turnover in a previous financial year shall file GST RET 1 on a monthly basis only.
Further, the turnover of newly registered taxpayers, are considered as zero. Thus, they have the option to file monthly, Sahaj (GST RET 2), Sugam or Quarterly (Normal) return. Sugam return is also known as GST RET 3 return. Continue reading GST New return..

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