GST Returns: Monthly vs Quarterly
|Point of difference||Monthly||Quarterly (QRMP)|
|Applicability||Mandatory if Annual Aggregate Turnover (AATO) is more than ₹5 crores.||Can be opted if AATO is not more than ₹5 crores.|
|No. of returns to be filed||GSTR-1: 12 returns for 12 months
GSTR-3B: 12 returns for 12 months
|GSTR-1: 4 returns for 4 quarters
GSTR-3B: 4 returns for 4 quarters
|Calculation & Payment of tax||Every month.||Every month. As the same suggests, Quarterly Return and Monthly Payments (QRMP).|
|Calculation||Actual basis.||a. Fixed sum method
b. Self-assessment method
|Payment of tax||Paid with GSTR-3B itself.||Paid with PMT-06 for first 2 months of quarter.|
|Invoice Furnishing Facility (IFF) facility||Not required as details of outward supplies is given monthly in GSTR-1.||Can be used by registered persons so as to enable their buyers to avail ITC in the given month.|
|Due dates||GSTR-1: 11th day of following month.
GSTR-3B: 20th day of following month.
|GSTR-1: 13th day of following month after end of quarter.
GSTR-3B: 22nd (24th) day of following month after end of quarter.
IFF: 13th day of following month for first 2 months of quarter.
PMT-06: 25th day of following month for first 2 months of quarter.
|Suitability||– B2B transactions;
– Dissimilar pattern of sales;
– Highly unpredictable turnover.
|– B2C transactions;
– Similar pattern of sales;
– Limited transactions.