MONTHLY/ QUARTERLY RETURNS (GSTR-1 and GSTR-3B)
Annually ₹9,999/- only for monthly returns and ₹5,999/- only for quarterly returns
- Filing of monthly/ quarterly (QRMP) GSTR-1 and GSTR-3B returns for a year
- GSTR-2A reconciliation
- Facilitation of Output tax payment
- Valid for businesses with upto 30 monthly sales invoices
List of Documents required
- Sales Invoices
- Purchase Invoices
- GST Login Credentials
- Bank Statement
HOW DOES IT WORK?
businesses for whom gstr is mandatory
- Any casual taxable person
- Any Input Service Distributor (ISD)
- Agents or suppliers of goods via an e-commerce portal
- Inter- State Goods and Services suppliers
- Any Non- resident taxable entity
- Those who are liable to pay tax due to the reverse-charge mechanism.
- TDS/TCS deductor
- Online data access/ Retrieval service provider
Important – In the event of operation from more than one state, registration is required for each state where the business is under operation.
gstr 1 vs. gstr 3b
GSTR 3B is a summary return filed by a taxpayer on a monthly basis. Furthermore, GSTR 3B is to be filed by the 20th day of the next month.
GSTR 3B shows supplies during the month together with GST paid, Input Tax Credit availed, and reverse charge purchases etc.
On the other hand, GSTR 1 is a monthly/quarterly return that shall be filed by taxpayers. GSTR 1 helps in disclosing details of monthly/quarterly sales and tax liability.
ANSWERING YOUR QUERIES
Is filing GST Returns mandatory ?
Yes. A GST Registered Vendor has to file GST Returns irrespective whether there has been transactions or not. Failing to file the same will result in additional penalty.
Can I opt for quarterly returns if my annual turnover is less than 5 Crore?
Yes. A taxpayer having annual turnover less than 5 cr can opt for filing quarterly returns (GSTR-3B and GSTR-1) under QRMP Scheme. They can also opt for filing GSTR 1 monthly with it.
What are the late fees for filing of GSTR3B?
Failing to file GSTR3B within due date results in late fees of Rs 20 per day (Nil Return) and Rs 50 per day (Transactional return) as the case maybe.
What is the ratio of payment to be done as per QRMP Scheme?
All persons registered under the QRMP scheme should pay the tax due in each of the first two months of the quarter by the 25th of the next month in that quarter
Methods of making payment under QRMP Scheme
- Fixed Sum Method (FSM) – The taxpayer who is filing a Quarterly return in a preceding quarter has to pay 35% of the tax in the 1st and the 2nd month of the quarter. The balancing amount of tax is to be paid in the 3rd month.
- Self-Assessment Method (SAM) – The taxpayer has to calculate tax payable from the sales and purchase done during the last month and pay the GST directly in form GST PMT-06. If the tax liability is Nil, the taxpayer has to do nothing for the month.
Still Have Queries?
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