a) Effective from 01st Jan,21

b) Registered Person with Aggregate Turnover (PAN wise) upto Rs 5 Crores

c) Option can be availed GSTIN wise

d) Return for Preceding Month as on date of exercising option has been furnished

New Monthly Compliance/Payment *:

a) IFF : 1st/2nd Month of Quarter (Upload B2B Invoices upto Rs 50 Lakhs) between 1st to 13th day of succeeding month. IFF Facility is Optional.

Eg. For Apr-21 IFF: Between 1st to 13th May,21

b) Form GST PMT 06 : GST Payment for 1st/2nd Month by Fixed Sum Method or Self Assessment Method) by 25th of succeeding month.

Eg. For Apr-21 GST PMT-06: 25th May,21

Exercise Option :

1st day on second month of preceding quarter to Last day of First month of the current quarter. Eg. For

Apr-Jun21 Qtr: Between 1st Feb to 30th Apr,21

Jul-Sep21 Qtr: Between 1st May to 31st Jul,21

Oct-Dec21 Qtr: Between 1st Aug to 31st Oct,21

Jan-Mar22 Qtr: Between 1st Nov to 31st Jan,22

* IFF (Invoice Furnishing Facility) is a facility under the QRMP scheme for small taxpayers, who can choose to upload their B2B outward supply invoices each month, for the first two months of the quarter. The invoices relating to the last month of the quarter are to be uploaded in the GSTR-1 return. The said details of outward supplies shall not exceed value of fifty lakh rupees in each month.

** Form GST PMT -06 is Challan for Monthly GST Payment.

***Fixed Sum Method: An amount equal to 35% of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly.

****Self-Assessment Tax Method: Pay Tax due by considering tax liability on inward and outward supplies less input tax credit available for month. Auto Drafted input tax credit statement made available in Form GSTR 2B for every month.

Author Bio

Qualification: CA in Practice
Company: H P J & Co Chartered Accountants
Location: Pune, Maharashtra, India
Member Since: 27 Mar 2021 | Total Posts: 3
CA Harshal Jain is a member of Institute of Chartered Accountants of India with 8 years standing in the Profession. He has wide experience in the field of Accounting, Audit & Assurance, Income Tax, Goods and Services Tax (GST). He had been associated with leading Private Sector Bank for it View Full Profile

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April 2021