Jammu and Kashmir Government issues a notification for the Persons with aggregate turnover of over 5 crores shall furnish quarterly returns

Dec 18, 2020 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Finance Department of Jammu and Kashmir on December 17, 2020 has issued a notification registered persons, other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), 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, under sub-rule (1) of rule 61A of the Jammu and Kashmir Goods and Services Tax Rules, 2017 shall furnish quarterly returns every quarter starting from January 2021. 

The following conditions shall be fulfilled: 

• Returns of the preceding year shall be furnished. 

• If the option of quarterly returns has been opted, the future tax periods shall remain the same, unless revised. 

[Notification No. S.O. 387]

 


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