With quarterly scheme put to practice in GST, the small taxpayer, from January onward, would need to file only eight returns (four GSTR-3B and four GSTR-1 returns) instead of 16 returns at present, in a financial year.
In a move to ease the pressure on small taxpayers, the Centre has decided to introduce quarterly filing of return with monthly payment. Under this scheme, Goods and Services Tax (GST) assessees -- having an annual aggregate turnover (AATO) up to Rs 5 crore -- will be required to fill only four GSTR 3B forms as against 12 now.
The new scheme will be applicable from January 1, 2021 onwards and will impact almost 94 lakh taxpayers. The scheme referred to as Quarterly filing of Return with Monthly Payment (QRMP) Scheme would be available on the GST common portal. The taxpayers will also have the facility to opt in and opt out and again opt in.
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"With quarterly scheme put to practice in GST, the small taxpayer, from January onward, would need to file only eight returns (four GSTR-3B and four GSTR-1 returns) instead of 16 returns at present, in a financial year. This would also result in the taxpayers’ professional expenses for filing returns getting significantly reduced," HinduBusiness Line quoted an official as saying.
The government official stated that the new scheme will help put a curb on the menace of fake invoice frauds and bring Input Tax Credit (ITC) only on the reported invoices. Recently, the GST intelligence wing DGGI along with the CGST Commissionerates have arrested 114 persons besides booking 1,230 cases against 3,778 fake GSTIN entities so far.
Invoice Filing Facility (IFF):
Apart from other benefits, the QRMP scheme has an optional feature of Invoice Filing Facility (IFF). This facility has been added to mitigate business-related hardships for medium and small taxpayers.
This facility has been added for those taxpayers who opt to be quarterly return filers. It will enable them to file and upload the invoices. Also, it will enable them to upload those invoices for the first and second month of the quarter, which the recipients have demanded.
However, IFF allows taxpayers to upload invoices of the first and second months in the quarterly GSTR-1 return. The facility will be available up to a cut-off date and will help taxpayers receive the credit after the cut-off date on filing of the IFF.
Also, the option of paying the due monthly taxes as per his/her own choice by cash ledger or through pre-filled challan has been added in the scheme. With this, the requirement of professional help would decrease and taxpayers simply make payments through a system-generated pre-filled challan.
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