GST returns will be filed on a quarterly basis from 1 January 2021

The Government has introduced a quarterly Income and Monthly Tax Payment (QRMP) scheme for small taxpayers under the Goods and Services Tax (GST) system. Annual turnover in the last financial year was Rs 5 crore. And taxpayers who file their October GSTR-3B (sales) returns until October 30, 2020, are eligible for this plan.

At its meeting on October 5, the GST Council said it would allow registered people with a turnover of Rs 5 crore to file returns on a quarterly basis and to pay taxes on a monthly basis starting January 1, 2021. QRMP scheme introduced on 5th December. This will enable taxpayers to file their GSTR-1 and GSTR-3B returns on a quarterly basis from January-March.

Taxes payable in this way
Taxpayers can pay GST or quarterly GSTR-3B returns filed by Challan last month, equivalent to 35 percent of the net cash liability of self-assessments of monthly liabilities. Quarterly GSTR-1 and GSTR-3B returns can also be submitted through SMS.

Confidence Conflict Plan: Declaration can be amended in the application

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