Articles makes Comparison of Optional Quarterly GST return filling system (Payment is Monthly Only) for Turnover below Rs. 5 cr with Monthly GST Return and Payment System.
| CHOOSING | Quarterly GST Return and Monthly Payment System (QRMP – NEW SYSTEM ) | Monthly GST Return and Monthly Payment System |
| System OF RETURN FILLING | Quarterly GSTR1 (M3) With Monthly IFF (optional) (M1,M2)Quarterly GSTR3B (M3) With Monthly Challan PMT-6 (M1,M2) |
MONTHLY GSTR1
Monthly GSTR 3B |
| PROBLEM OF COUNTER PARTY 2A/2B & non payment bcz not-showing in 2A/2B | FILLING IFF ( OPTIONAL) ON MONTHLY BASIS . COUNTER PARTY CAN CLAIM ITC AS IT REFLECTED UNDER 2A/2B | EARLIER GSTR 1 WAS QUARTERLY . SO PROBLEM WAS QUARTERLY DEALER WILL UPLOAD AFTER QUARTER END.. AND COUNTER PARTY CANNOT CLAIM ITC AS IT IS NOT SHOWING IN 2A/2B IN PARTICULAR MONTH. IF YOU ARE FILLING GSTR 1 ON MONTHLY BASIS, COUNTER PARTY CAN CLAIM ITC AS IT REFLECTED UNDER 2A/2B |
| DUE DATES | FOR IFF / GSTR 1 – 13TH of next month/qtr, FOR PMT-6 – 25TH of next month AND 3B – 2/24TH of next qtr | MONTHLY GSTR1 – 11TH
Monthly GSTR 3B – 22TH& 24TH |
| INTEREST | TAX REMAIN UNPAID AT THE END OF 3RD MONTH ( ONLY IN CASE OF SELF ASSESSMENT METHOD) OR LATE FILLING OF PMT-6/3B | FOR LATE FILLING OF 3B |
| LATE FEES | NO LATE FEES FOR M1 , M2 PMT-6 | LATE FEES IN GSTR 3B AFTER 22TH /24TH |
| DANGER OF 36(4) | 36(4) will apply on my Quarter ending 3B only .. (in 3rd month) | 36(4) will apply on every month 3B |
| WORKLOAD for professional | DOUBLE AS EARLIER quarterly system | SAME AS Monthly client having TO more than 5 Crore |
Author’s Comments –
>>>> Brief Analysis For the Turnover below 5 crore = QRMP AND 36(4)*
*If I selected QUARTERLY*
36(4) will apply on my Quarter ending 3B only .. (in 3rd month)
My liability for M1 M2 will be equal to self assessment.. No issue..
My liability for M3 will be mostly as Same as Self Assessed because Mostly no ITC mismatch issue.. 36(4) won’t be much problem…. All inward invoice will appear till Quarter end..
*If I select MONTHLY*
36(4) will apply on every month 3B
So 36(4) might create problem as all small inward invoice may not appear 100% in Monthly case.. so it may create excess liability than Self assessed..
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I wonder
*How come return filling frequency decides liability in GST??*
LAW is same for small dealers and big ones.. Rule applicable to all.. But Just by selection of return filling frequency.., Your monthly computation change .
Think and let me know.
It is *Classic case of understanding whether GSTN is THE law or GST is the law*
>>>>>>>Law is one.. , Rules are one.. How choosing particular one system of return filling can decide INTEREST LIABILITY … OR It increases TAX liability under 36(4)??
Even , Choosing Self Assessment method , One must be prone to interest liability. But If YOU CHOOSE FIXED SUM METHOD , THERE WON’T BE INTEREST LEVY ON UNPAID AMOUNT.. And this is beyond logic and understanding ??
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