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- 21 Dec 2020
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Quarterly Return
Monthly Payment Scheme
Taxpayers with annual turnover upto 31.5 Crore and filing GSTR-1 on monthly basis presently have not been migrated to QRMP scheme. They can opt in for this scheme and avail the following benefits of this scheme:
> File GST Statements/Returns In FORM GSTR-1 & GSTR-3B just once in a Quarter
> Pay monthly tax conveniently using Fixed Sum Method (Pre-filled Challan) or Self-Assessment Method (actual tax due after adjusting ITC) in first two months of a Quarter
> Easily opt in and opt out of the Scheme
The choice to opt in and opt out of the scheme can be exercised by the taxpayer throughout the year at the common portal
> Enjoy the convenience of a Flexible Invoice Filing Facility
You can upload and file selected B2B invoices In first two months of a quarter to enable flow of ITC to the recipients. The remaining invoices can be reported/filed In quarterly FORM GSTR-1
> Self assessment of ITC & Tax once every Quarter
Reduce your compliance cost significantly by assessing tax liability & ITC admissibility on quarterly basis Instead of monthly basis
File your GST returns Just once a quarter w.e.f. 1st January, 2021
GST Return file karna, ab hua our aasaan!
For more details, Visit our website
www.cbic.gov.in
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Does it not amount to filing 4 returns by way of uploading 3 B2B invoices monthly and one GSTR1 quarterly, instead of the 3 GST R1 returns a GST tax payer is filing now?