On 42nd Meet ruled on 5th October 2020 concerning towards forging the business and trade implementation the GST official release a new GST return furnishing platform for the small assessee who has an average turnover of yearly Rs 5 cr in the previous fiscal year 2019-20 which has been imposed from 1/01/2021.
This is used to incorporate the policy which is to reduce the monthly return filing burden upon the small assessee. The department suggests that the assessee who has the AATO up to Rs 5 cr is permitted to file the GSTR-3B quarterly through the monthly payment of GST liability from 1/01/2021.
The council has provided several notifications to conduct the policy and circular to elaborate the policy in simple meaning and to make sure that it gets properly implemented.
As per the discussion about the QRMP policy to provide effective clarity with respect to this policy and also it tried to provide the answer to all the questions of the assessee towards the policy.
From the issue about the eligibility to choose for the Qtly Return Filing & Monthly Payment policy according to the circular below are the enrolled person who can furnish the tax on the monthly grounds and is imposed from 1/1/2021.
- An enrolled one who has Rs 5 cr AATO in the preceding fiscal year is eligible.
- Anyone who chooses a new registration or chose out of the composition policy can also choose for the policy.
Invoice Furnishing Facility (IFF) for the Assessee Chose to QRMP Policy:
The assessee who has to choose to QRMP policy can claim the option for the IFF and files the information of the outward supplies on the monthly grounds for the 1st two months so that the recipient of these outward supplies get these invoices which are shown to their respective GSTR-2A and GSTR-2B.
The information of the outward supply in IFF required to be filed through the 13th of the upcoming month. The mentioned information about the outgoing supplies is not more than 50 lakhs every month.
Hence the information about the outward supplies through the assessee in a quarter will include the information of the invoices which is filed by using IFF to both of 1st months along with the details of the invoices filed in the form GSTR-1 for the quarter.
Fixed Sum Method:
Below this, there is a facility that is made present on the portal for creating a pre-filed challan inside form GST PMT-06 for an amount equivalent to 35% of the tax paid in cash in the preceding quarter in which the returns was filed on the quarterly grounds or equivalent to the tax furnished in cash in the last month.
Self-assessment Method:
The stated individual in the case can furnish the due tax through seeking the tax liability on inward as well as outward supplies and the input tax credit present in the form GST PMT-06.
Applicability of Interest:
For the case where fixed sum method is been chosen through the assessee then there is no interest that will be taxable for the first 2 months of the short paid in circumstances for the full tax liability is relieved for the quarter in the form GSTR-3B.
Comments
Post a Comment