As per Rule 59(2) of the CGST Rules, 2017 The Invoice Furnishing Facility (IFF) is a facility which is provided to the taxpayers under the QRMP Scheme. Quarterly filers of GSTR-1 (also Form GSTR 3B) can choose to upload their B2B (Business to Business) invoices every month under the QRMP scheme. It is available to registered taxpayers who are having an annual aggregate turnover of up to Rs. 5 crore during the relevant previous year. Registered person under the QRMP Scheme shall keep the following points in mind before opting the IFF:
- The Invoice Furnishing Facility (IFF) is an optional facility. Non-usage of IFF will not attract any late fee.
- The Invoices relating to the last month of a quarter has to be uploaded in the GSTR-1 return only.
- There is no requirement to upload invoices in GSTR-1 again, if the same has been uploaded in the Invoice Furnishing Facility (IFF).
- The total value of invoices that can be uploaded per month is restricted to 50 lakh.
- The details submitted in Invoice Furnishing Facility shall reflect in the GSTR-2A and GSTR-2B of the recipients.
The Invoice Furnishing Facility (IFF) came into effect from 01.01.2021 and the first cut-off date was 13th February 2021 for January 2021 (being the first month for the January-March 2021 quarter).
Let us discuss the above scenario with the help of Cases given below:
Case 1:
Mr. X has total turnover of Rs. 3.8 Crore during the relevant previous year i.e., Financial Year 2020-21, then for the current FY 2021-22 Mr. X shall be eligible for Quarterly Return filing with Monthly Payment of taxes scheme.
Now in current Financial Year 2021-22, till 21 September 2021 i.e. up to 2nd quarter total turnover of Mr. X was Rs. 6.5 Crore. So, from October 2021, Mr. X will not be eligible for Quarterly Return filing with Monthly Payment of taxes scheme.
Case 2:
In the above Case, if the turnover was Rs. 6.5 Crore in the FY 2021-22 up to July 2021, then Quarterly Return filing with Monthly Payment of taxes (QRMP) scheme shall be available for the remaining 2 months i.e., August and September 2021 and it will not be continued further from 3rd quarter i.e., from October 2021 onwards.
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Knowledge Update :
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Introduction of QRMP Scheme Under GST – With Invoice Furnishing Facility