Changing GST/HST reporting from quarterly to annual generally requires meeting specific turnover thresholds and filing a change request (Form GST20 in Canada, or contacting the ATO in Australia) by specific deadlines. In Canada, you must have annual revenue under $1.5 million to switch, usually by March 31 for that calendar year.
File an election to change your reporting period
If you are assigned an annual or quarterly reporting period, you can file an election using Form GST20, Election For GST/Reporting Period, to choose a more frequent reporting period.
Login to the GST portal using your valid credentials and then navigate to Services > Returns > Opt-in for Quarterly Return option to opt in or opt out of the QRMP scheme.
Change filing frequency
Select Edit Agency Settings directly below Add tax. Select the new filing frequency from the drop-down menu in the Filing frequency field. Select Save to save the new filing frequency.
The date for lodgment of your annual GST return and payment of any amounts is either: the date for lodgment of your income tax return. 28 February following the annual tax period, if you are not required to lodge an income tax return.
Corporations that file GST on an Annual basis have a payment & filing deadline 3 months after the yearend date of the GST account. For example, a corporation with a GST yearend date of September 30 must file a return and pay any GST owing by Dec 31 of the same year.
Change a return you already filed
Log in to the GST Portal with your valid credentials. Navigate to the "Returns Dashboard" section. Click on "Prepare Online" and select the relevant financial year and month for which you want to amend the return. Select "Amendment of Return" from the available options.
In Tally Prime, to change the GST return filing frequency from quarterly to monthly, go to the GST feature settings in the 'F11: Features' menu. Update the return frequency to 'Monthly,' and ensure your ledger and return configurations are set to match the new filing period.
Regular taxpayers file GSTR-1, GSTR-3B monthly or quarterly, plus annual returns (GSTR-9/9C). Composition dealers file 4 CMP-08 (quarterly) and 1 GSTR-4 (annual). Due dates vary depending on the taxpayer's turnover and the scheme. Non-filing attracts late fees & 18% per annum interest.
I am a taxpayer. How can I view my filed Returns/Statements?
Steps to opt in or opt out on the GST portal
Step 1: Log in to the GST portal and navigate through Services > Returns > Opt-in for quarterly return. Step 2: The opt-in quarterly return page will be displayed. Select the financial year from the drop-down list for which you want to change the filing frequency. Click on 'Search'.
If your frequency is monthly or quarterly, your GST returns are due the month after the end of the reporting period. The GST payment is due by August 30 for GST collected in July. If your GST frequency is annual, your GST returns are due within three months after the end of the fiscal year.
Monthly and quarterly reporting periods
If the end of a monthly reporting period is July 31, your payment deadline and filing deadline would be August 31. If the end of a quarterly reporting period is March 31, the payment deadline and filing deadline would be April 30.
However, tax payments still need to be made every month based on estimated liability. In simple terms, the GST quarterly return turnover limit is ₹5 crore. If your turnover is within this limit, you can benefit from reduced compliance under the quarterly return scheme.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
You can make an election to change your reporting period if the reporting period you choose is an available option based on your threshold amount (see Part B on the first page).
3. Filing GSTR-3B for Adjustments
No, once GST returns are filed, they cannot be revised.
However, you can correct the errors in the subsequent returns. That means, if you realize a mistake in a filed return, you cannot change that specific return, but you can correct the mistake in a future return within a prescribed time limit.
In Form GSTR-9, you need to declare the consolidated details of outward supplies, inward supplies, GST payable and ITC claimed for the previous financial year. The annual GST Return filling consists of different returns forms.
Here are some of the primary and most common errors made by enterprises, and this is how you can fix them as well.
The 'five year rule' states that residential premises are not considered to be 'new' if they have been rented out as residential premises for five or more years since they first became residential premises, or were last built or substantially renovated.