Quaterly GST Filing ( GSTR 1 and 3B)
Deliverables - Timeline
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Deliverables
GST Return Copy
GST Workings
Challan copy in case of Payment made
GST Refund Claims (If Applicable)
Compliance Report
Timeline
2 Days
(from receipt of all documents)
What is GST Return?
A GST Return is a detailed statement that captures all the financial transactions of a person registered under GST, reflecting revenues and expenditures. It is a mandatory submission for every holder of GSTIN to the tax authorities, allowing them to determine the net tax liability with precision.
The GST return filing encompasses several critical elements:
Purchases: It records in detail the purchases the taxpayer has made.
Sales: It provides a comprehensive log of the taxpayer's sales activities.
Output GST (On Sales): It notes the GST charged on the taxpayer's sales.
Input Tax Credit (GST Paid on Purchases): It lists the GST paid on purchases, which is eligible to be deducted from the GST owed on sales.
For those seeking guidance on GST return filing or support with managing their GST compliance, IndiaFilings offers GST software designed to streamline the process.
How Many Returns are there under GST?
Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.
Detail of the 13 GST returns:
GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
Quarterly Filing of GSTR-3B for Small Taxpayers
The CBIC has released a notification allowing small taxpayers to opt for quarterly filing of GSTR-3B. 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. The quarterly filing option is available from 1st January 2021 and the January-March 2021 quarter onwards.
Payment of Taxes By Taxpayers Who Have Opted to File GSTR-3B Quarterly
From 1st January 2021, registered persons who have opted to file their GSTR-3B returns quarterly, are required to pay the taxes due monthly by depositing an amount in the electronic cash ledger that is equivalent to:
1. 35% of the tax liability that was paid in the previous quarter – in cases where the GSTR-3B has been furnished quarterly.
2.100% of the total tax liability paid for the last month of the immediately preceding quarter – in cases where the return has been furnished monthly.
The amount needs to be deposited using form GST PMT-06 by the 25th of the following month, for the first and second months of the quarter. There are certain instances where no amount may be required to be deposited, such as –
1. For the first month of the quarter – where the balance in the electronic cash/credit ledger is adequate for the tax liability of the said month OR where the tax liability is nil.
2. For the second month of the quarter – where the balance in the electronic cash/credit ledger is adequate for the cumulative tax liability for the first and second months of the quarter OR where the tax liability is nil.
Note that a registered person will not be eligible for the said procedures unless he has furnished the return for the complete tax period preceding such month. A complete tax period is a tax period where the said person is registered from the first until the last day of the tax period.
Deemed Monthly/Quarterly Filing of GSTR-3B
In the case of registered persons falling in the categories specified in the table below, who have furnished their GSTR-3B return for October 2020 by 30th November 2020, it shall be deemed that they have opted for monthly or quarterly filing as detailed below-
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Class of Registered Persons
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Deemed Option
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Registered persons with an aggregate turnover of up to Rs.1.5 crore, who have furnished Form GSTR-1 quarterly in the current financial year
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Quarterly return
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Registered persons with an aggregate turnover of up to Rs.1.5 crore, who have furnished Form GSTR-1 monthly in the current financial year
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Monthly return
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Registered persons having an aggregate turnover exceeding Rs.1.5 crore and up to Rs.5 crore in the preceding financial year
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Quarterly return
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Due Dates to File GSTR-3B
The due dates filing GSTR-3B for quarterly filers has been notified as follows:
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GST Registration in States and Union Territories
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Due Date
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Chhattisgarh, Madhya Pradesh, Gujarat, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh
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22nd of the month succeeding such quarter
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Jammu and Kashmir, Ladakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Mizoram, Manipur, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha
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24th of the month succeeding such quarter
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FAQs
Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made in the first two months by a simple challan in FORM GST PMT-06. For the ease of taxpayers, system has assigned quarterly frequency to small taxpayers automatically.
