Want to know how to ease your GST filings from now on? CBIC has now come out with quarterly filing of GST 3B returns. Find seven things you should know about it below:
What returns can be filed quarterly now?
GST 1 and GST 3B can be filed quarterly now
2. Who is eligible for the quarterly returns?
The following table explains who is eligible to opt for quarterly
Taxpayers with less than 5 Crore of turnover can file GST 3B Quarterly. These turnovers are computed for the previous financial year i.e. FY 2019–20, if you are reading this in FY 2020–21. GST 1 shall continue to be quarterly for taxpayers with less than Rs.1.5 crore turnover
3. Is the tax payment to be made monthly or quarterly?
Tax payment is continued to be made monthly!
4. How much tax is required to be paid?
5. Should tax payable be computed manually?
If a taxpayer chooses to pay through Fixed Sum Method, 35% of the previous quarter total tax will be auto-populated. In case they choose to pay through self-assessment method, manual calculations would have to be made.
6. How do I provide Input tax Credit to my customers on a monthly basis if everything is filed quarterly?
A new feature by the name of Invoice furnishing facility (IFF) is available where taxpayers upload B2B invoices on a monthly basis. This is similar to GST1 but you do not include B2C transactions but include only B2B transactions.
7. What are the due dates to be kept in mind in this regard?
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