Centre eases filing of GSTR-3B for small taxpayers; More than 94 lakh GST assessee will be benefitted.
From 1st January 2021 onwards, Centre has decided to introduce quarterly filing of GST return with monthly payment to ease the pressure on small taxpayers.
As per the new scheme, 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 returns as at present. From January onwards, small taxpayers would need to file only 8 returns (four GSTR-3B and four GSTR-1 returns) instead of 16 in a year.
This scheme referred to as the Quarterly filing of Return with Monthly Payment (QRMP) scheme has an optional feature of invoice filing facility (IFF) to reduce complexities for small and medium taxpayers.
Under the facility of IFF, the small taxpayers who opt to file quarterly return under the QRMP scheme would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients, despite upload and file all the invoices for the month.
The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return.