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Opting for quarterly returns under GST

02-01-2024
GST
Mrudula Joshi

From 1st January, 2021, small taxpayers are give option of filing their GSTR 3Bs quarterly. Small taxpayers are those taxpayers with a turnover of up to Rs.5 crore in the previous financial year and opted for the QRMP scheme. QRMP is Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST. After introduction of quarterly GSTR 3Bs facility, QRMP scheme has been made optional.

IFF stands for Invoice Furnishing Facility for taxpayers who have opted for QRMP scheme to declare outward supplies to a registered person for first two months of any quarter. It is an optional facility. The facility will be similar to Form GSTR-1. It allows filing for only B2B invoices, credit notes, debit notes etc. Last date of filing IFF for a month is the 13th of the next month. This will allow recipient taxpayers to take credit of these invoices in the same month, if reported in IFF, by the supplier taxpayer under QRMP scheme.

Payment of taxes in Quarterly GSTR 3B

The taxpayer has to deposit tax using form GST PMT-06 by the 25th of the following month, for the first and second months of the quarter. The taxpayers can pay their monthly tax liability either in the Fixed Sum Method (FSM) also known as 35% challan method, or Self Assessment Method (SAM).

  • Fixed Sum Method: Portal will generate a pre-filled challan in Form GST PMT-06. The system generated pre-filled challan in this case is commonly also known as 35% challan. Under the fixed sum method, depending on the filing frequency in the previous quarter, the 35% challan is calculated by either of the following methods
    Type of Taxpayer Tax to be paid
    Who furnished GSTR-3B quarterly for the last quarter 35% of tax paid in cash in the preceding quarter
    Who furnished GSTR-3B monthly during the last quarter 100% of tax paid in cash in the last month of the immediately preceding quarter
  • Self-Assessment Method: The actual tax due is to be paid through challan, in Form GST PMT-06, by considering the tax liability on inward and outward supplies and the input tax credit available for the period as per law.

How to opt for quarterly GSTR 3B on portal?

  • Access the www.gst.gov.in URL. The GST Home page is displayed. Login to the GST Portal with valid credentials. Click the Services > Returns > Opt-in for Quarterly Return option. Opting for quarterly returns under GST image 1
  • Below screen will be displayed. You can change the periodicity here. Opting for quarterly returns under GST image 2

Conclusion :

In summary, the introduction of quarterly GSTR 3Bs for small taxpayers, effective January 1, 2021, offers flexibility. The QRMP scheme, applicable to those with turnovers up to Rs. 5 crore, now includes an optional Invoice Furnishing Facility (IFF) for the first two months of each quarter, simplifying the declaration of outward supplies. Payment options include the Fixed Sum Method (FSM) or Self-Assessment Method (SAM). Opting for quarterly filing is straightforward through the GST portal, aiming to ease compliance for small taxpayers.

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