User experience is the key and keeping in this in mind, new features have been added to the GST portal constantly and some of the new Functionalities were made available for Taxpayers on GST Portal in June, 2021. They are
Moving the records saved in IFF, to later months of same Quarter, by taxpayers under QRMP Scheme
There can be cases where the QRMP Taxpayers have entered the data in the IFF but not submitted. In such cases the records which are saved and not submitted/filed can be moved from one period to another period as well as moved from various periods of the Quarter to GSTR – 1 while filing the return.
• Taxpayers can now MOVE the records saved in their IFF of first month of a quarter (if the time for filing it has expired) to IFF of second month of the quarter. • Taxpayers can also MOVE the records saved in IFF of first month & second month of the quarter (if the time for filing it has expired) to their quarterly Form GSTR-1 (of the same quarter). Please note that the records can be moved only within a quarter. • While preparing IFF/GSTR-1 (of later months of same quarter) online, in case of saved records, taxpayers will get a pop-up prompting them to either MOVE the records by selecting YES or delete them by selecting NO.
2. Auto population of GSTR-3B liability, for taxpayers under QRMP Scheme, from their IFF and GSTR 1
The tax liability in the case of QRMP taxpayer, it will be auto populated from IFF filed during the months to GSTR – 3B. This will ensure that there are not data entry errors and correct liability gets reported.
3. Filing for refund of accumulated ITC by taxpayers making exempt/ nil-rated supplies, by selecting an option of not having an LUT number in the refund application
Exports are Zero rated supplies under GST and the exporters have an option to invoice with payment of taxes or without payment of taxes. In cases where the invoice is issued without payment of taxes, the taxpayer has to file a refund application separately to claim the accumulated input tax credit in the electronic credit ledger.
To claim refund, in the Form RFD – 01, the taxpayer has to enter the Letter of Under Taking Number currently. From this month onwards the taxpayers now an option to select any one of the following
• I have a valid LUT number. • I don’t have a valid LUT number, since I am making only exempt/ nil rated supplies
The above mentioned are the new features added for the taxpayers on the GST portal to provide better user experience. Since auto population is machine driven, it is recommended to cross check the values auto populated before filing for the accuracy. In case of any differences, the values can be over written and correct values should be entered.
Important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers
The changes announced are really a welcome move as it reduces the burden of QRMP Taxpayers for consolidating the data and the filing the returns.
Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below:
A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for Month 3 of that quarter. Declaration of liability in these forms would now be auto-populated in their Form GSTR-3B (Quarterly) for that quarter, based on their filed Form GSTR-1 and IFF. These fields are editable and in case their values are revised upwards or downwards, the edited field(s) would be highlighted in red colour and a warning message will be displayed to the taxpayer. However, the system would not prevent taxpayer from filing of Form GSTR-3B with edited values.
B.Nil filing of Form GSTR-1 (Quarterly) through SMS : Nil filing of Form GSTR-1 (Qtrly) through SMS has been enabled for taxpayers under QRMP Scheme. They can now file it by sending a message in specified format to 14409. The format of the message is < NIL > space < Return Type (R1) > space< GSTIN > space < Return Period (mmyyyy) > . Example: NIL R1 07XXXXX1234H8Z6 062020 (where return period must be last month of the quarter)
However, NIL filing through SMS can’t be done in following scenarios: •If IFF for Month 1 or 2 of a quarter is in Submitted stage, but not Filed. •If invoices are Saved in IFF for Month 1 or 2 of a quarter, which was not submitted or filed by due date.
C.Impact of cancellation of registration on liability to file Form GSTR-1 : In case registration of a taxpayer under QRMP Scheme is cancelled, with effective date of cancellation being any date after 1st day of Month 1 of a quarter, they would be required to file Form GSTR-1 for the complete quarter, as the last applicable return. For example if the taxpayer’s registration is cancelled w.e.f. 1st of April, he/she is not required to file Form GSTR-1 for Apr-June quarter and Form GSTR-1 for Jan-Mar Quarter shall become the last applicable return. However, if the registration is cancelled on a later date during the quarter, the taxpayer would be required to file Form GSTR-1 for Apr-June quarter. In such cases the filing will become open on 1st of month following the month with cancellation date i.e. if cancellation has taken place on 20th May, Form GSTR-1 for Quarter Apr-June can be filed anytime on or after 1st of June.
We would like to advise a word of caution, please cross check the numbers auto populated as it help to identify any issues in auto population.
Notification No. 16/2021 – Central Tax dated 1st June 2021
Interest on delayed payment of taxes is to be paid on the net liability, i.e., the amount debited in the cash ledger. This is a retrospective amendment.
Notification No. 17/2021 – Central Tax dated 1st June 2021
The due date for filing GSTR – 1 for the month of May 2021 has to be filed by 26th June 2021.
Notification No. 18/2021 – Central Tax dated 1st June 2021
Relaxation is given for the payment of interest for the delay in payment of taxes on account of the lockdowns. The notification is a retrospective one and effective from 18th May 2021.
Sr. No
Details/Particulars
Rate of Interest
Months
1
Taxpayers having turnover above ₹ 5 crores during the previous financial year
Reduced rate at 9% for the first 15 days and 18% if the delay is more than 15 days.
March – 21 April – 21 May – 21
2
Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a monthly basis
1st day to 15th day – 0% 16th day to 60th day – 9% 61st day onwards – 18% 1st day to 15th day – 0% 16th day to 45th day – 9% 46th day onwards – 18% 1st day to 15th day – 0% 16th day to 30th day – 9% 31st day onwards – 18%
March – 21 April – 21 May – 21
3
Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a monthly basis
1st day to 15th day – 0% 16th day to 60th day – 9% 61st day onwards – 18% 1st day to 15th day – 0% 16th day to 45th day – 9% 46th day onwards – 18% 1st day to 15th day – 0% 16th day to 30th day – 9% 31st day onwards – 18%
March – 21 April – 21 May – 21
4
Taxpayers who have opted for QRMP Scheme
1st day to 15th day – 0% 16th day to 60th day – 9% 61st day onwards – 18%
Jan-March 21 Quarter
Notification No. 19/2021 – Central Tax dated 1st June 2021
The late fee for GSTR – 3B has been reduced to taxpayers filing returns due to delays caused by the prevailing lockdowns and encouraging other taxpayers who have not filed returns from July 2017 to April 2021 with riders.
Late relaxation for the current financial year
Sr. No
Details/Particulars
Late fee waived off
Months
1
Taxpayers having turnover above ₹ 5 crores during the previous financial year
If filed within 15 days of the due date
March – 21 April – 21 May – 21
2
Taxpayers having a turnover of less than ₹ 5 crores and paying taxes quarterly
If filed within 60 days of the due date If filed within 45 days of the due date If filed within 45 days of the due date
March – 21 April – 21 May – 21
3
Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a quarterly basis
If filed within 60 days of the due date
Jan-March 21 Quarter
Late relaxation for the previous periods
Sr. No
Return Filing Period
Condition – 1
Condition – 1
Late Fee to be paid per month max
1
July 2017 to April 2021
Nil
Filed between 1st June 21 & 31st August
₹ 250*
2
July 2017 to April 2021
If Tax liability is there
Filed between 1st June 21 & 31st August
₹ 500*
*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.
Late relaxation for the future periods
The late fee waiver is provided for the future also starting from June 2021 due to the prevailing pandemic and lockdowns
Sr. No
Details/Particulars
Late Fee Maximum to be paid
1
Nil Tax liability
₹ 250*
2
Taxpayers having turnover up to ₹ 1.50 crores
₹ 1,000*
3
Taxpayers having turnover above ₹ 1.50 crores
₹ 2,500*
*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.
Notification No. 20/2021 – Central Tax dated 1st June 2021
Relaxation has been provided for the delayed filing of GSTR – 1 for small taxpayers from June 2021 onwards. This applies to the taxpayers who are filing GSTR – 1 on a quarterly basis also.
Sr. No
Details/Particulars
Late Fee Maximum to be paid
1
Nil Tax liability
₹ 250*
2
Taxpayers having turnover up to ₹ 1.50 crores
₹ 1,000*
3
Taxpayers having turnover above ₹ 1.50 crores and below ₹ 5.00 crores
₹ 2,500*
*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.
Notification No. 21/2021 – Central Tax dated 1st June 2021
Relaxation in late fees is also provided for taxpayers registered under the composition scheme.
Sr. No
Details/Particulars
Late Fee Maximum to be paid
1
Nil Tax liability
₹ 250*
2
Having tax liability to be discharged
₹ 1,000*
*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.
Notification No. 22/2021 – Central Tax dated 1st June 2021
Late fee relaxation has been provided to taxpayers registered as Tax Deductors and required to file GSTR – 7. The late has been capped at ₹ 1,000 per month for delay in return filing from June 2021 onwards.
Notification No. 23/2021 – Central Tax dated 1st June 2021
Relaxation is also provided for taxpayers falling under the category as Government Departments and Local bodies from issuing e-invoices.
Notification No. 24/2021 – Central Tax dated 1st June 2021
The time limits for the completion of compliance or any action by the tax authorities or any person which are falling between 15th April 2021 to 29th June 2021 has been extended in the following cases to 30th June 2021
a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called; or
b) filing any appeal, reply, or application or furnishing any report, document, return, statement, or other records, by whatever name is called.
The above extension is not applicable in the following cases
Related to Time of Supply
If the turnover of the composition taxpayer has crossed the threshold during this period
Section 25 – registration procedure
Section 27 – procedure-related to casual taxable person and the non-resident taxable person
Section 31 – Tax Invoice
Section 37 – provisions related to the filing of returns for outward supplies
Section 47 – provisions related to levy of late fee
Section 50 – provisions related to ley of interest
Section 69 – provisions related to power to arrest errant taxpayers
Section 90 – provisions related to Liability of partners of firm to pay tax
Section 122 – provisions related to penalties for certain offenses
Section 129 – provisions related to detention, seizure and release of goods and conveyance under transit
Section 39 – except for provisions related to sub-section (3), (4) and (5) related to TDS deductors, ISD and not resident taxpayers
Section 68 – provisions related to e-waybill
The time limit for completion of any action by any authority or by any person as per Rule 9 of the CGST Rules related to verification and approval of registration application, falling during the period from 1st May, 2021 to 30th June 2021, shall be extended to 15th July 2021
Notification No. 25/2021 – Central Tax dated 1st June 2021
The due date for filing of Form GSTR – 4 by composition taxpayer for the year April 2020 to March 2021 has been extended from 31st May 2021 to 31st July 2021.
Notification No. 26/2021 – Central Tax dated 1st June 2021
The due date for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from 1st January 2021 to 31st March 2021, has been extended from 31st May 2021 to 30th June 2021.
This notification is a retrospective one and comes applicable from 31st May 2021.
Notification No. 27/2021 – Central Tax dated 1st June 2021
Taxpayers registered as a company under various provisions of the Companies Act 2013 can file returns using the Electronic Verification Code (EVC) until 31st August 2021.
Due to the ongoing pandemic and disruptions in business on account of lockdowns, relaxation has been provided while availing Input Tax Credit. Matching needs to be done on a monthly basis for the months of April 21, May 21 and June 21. It can be done cumulatively while flinging the GSTR – 3B for the month of June 2021.
Taxpayers who have opted for the Quarterly Returns and Monthly Payment (QRMP) have also been provided some relaxation for filing of Invoice Furnishing Facility (IFF) for the month of May 2021, and now it can be filed by 28th June 2021.
Notification No.1/2021 – Central Tax (Rates) dated 2nd June 2021
Sr. No
HSN Code
New Rate
Old Rate
1
9503 – Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) [other than electronic toys] 9503 – Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) [other than electronic toys] 9503 – Electronic Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof)
2.5% 2.5% 2.5%
6% 6% 9%
2
Diethylcarbamazine
2.5%
6%
Notification No.2/2021 – Central Tax (Rates) dated 2nd June 2021
Sr. No
HSN Code
New Rate
Old Rate
1
“(ib) Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts.
2.5%
9%
Another major benefit is provided is for the landowners; now with this amendment, the landowners can utilize the input tax credit charged by the developer on the sale of apartments if sold before the issue of the occupation certificate.
Notification No.3/2021 – Central Tax (Rates) dated 2nd June 2021
The time of payment of GST by the landowner promoter shall be allowed to pay GST relating to such apartments any time before or at the time of issuance of completion certificate.
New Functionalities enabled on GST Portal during the month of April 2021
Change and improvements are the main reasons for success of any reform or product and the same is being adopted by the GSTN. It is goods to note that GSTN is coming up with new features day in day out and enabling the taxpayers to have seamless experience. These new features will definitely improve the user experience as well as improve the efficiency of compliances and minimizing the errors.
Let’s discuss about the new features/functionalities released by GSTN during the month of April 2021
Auto Generation of Form GSTR – 2B for QRMP (Quarterly Returns Monthly Payment) Taxpayers
For availing input tax credit matching as per Rule 69 of the CGST Rules is to be carried out based on the taxpayers Purchase Register and data auto populated in From GSTR – 2B based on the suppliers filing of Form GSTR – 1 or IFF (Invoice Furnishing Facility). The QRMP Tax payers have also to do matching and for that Form GSTR – 2B is the basis and now the same is made available to the those taxpayers
Taxpayers can now view and download their system generated Quarterly Form GSTR-2B, for Jan-March, 2021 quarter, by clicking on Auto-drafted ITC statement for the quarter on 14th April, 2021, by selecting the last month of the quarter (M3).
Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3). Form GSTR 2B has two sections of ITC i.e. ITC available and ITC not available (which flows from the supplier’s filed IFF & Form GSTR-1, imports etc.). It also contains tax liability of the taxpayer (which flows from the taxpayers own filed IFF & Form GSTR-1).
The default view of Form GSTR-2B is quarterly. However to view Form GSTR-2B of a particular month (M1, M2 or M3), taxpayer has an option to select appropriate month, from the view drop-down to view that month’s data.
A hyperlink ‘View advisory’ has also been provided, which on clicking displays the criteria/ cut-off dates considered for generation of quarterly GSTR-2B, as a pop-up, with details of Supplies from/type i.e. Monthly taxpayer, Taxpayer in QRMP Scheme, NRTP, ISD & Import from Overseas/SEZs, and ‘From
Offline Matching Tool enabled for QRMP Taxpayers
Matching of taxpayers purchase register and data based on the filing of Suppliers Form GSTR – 1 or IFF is an time consuming and complex activity as the taxpayers will many transactions during the return filing period. Automation is the need as it will avoid the user errors and saves time and efforts. Some taxpayers cannot afford investments on technology and for such taxpayers the GSTN has provided an offline utility for matching. With the rollout of QRMP scheme, now the same utility is being made available to the QRMP taxpayers also.
The Matching Offline Tool has been updated and now taxpayers under QRMP Scheme will also be able to use it.
The system generated Form GSTR-2B JSON file can be used for matching details, as available with them in their purchase register, using the updated Matching Offline Tool.
Taxpayers under QRMP Scheme can now navigate to Services > Returns > Returns Dashboard, select the Financial Year and Return Filing Period > SEARCH and click on Download button on Auto – drafted ITC Statement – GSTR -2B tile to download system generated Form GSTR-2B JSON file, for opening and matching it in the matching tool.
In the Matching tool dashboard page, an option to select the quarter has been provided and in the purchase register, quarters Apr-Jun, Jul-Sep, Oct Dec and Jan-Mar have been added as the tax periods.
Auto-population of ITC data in Form GSTR – 3B for QRMP taxpayers
The success of any product or service will depend on the ease of its operations and usage it and providing auto population of data is another key element for return filing. Reconciliations or error occur when there is data entry. Form GSTR – 3B being a business critical return, the accuracy in filing of it is the need of the hour and similar to regular taxpayer the Input tax credit data is now being auto populated for QRMP Taxpayers also.
Figures of ITC available and ITC to be reversed, will now be auto-populated in Table 4 of Form GSTR-3B of the taxpayers under QRMP scheme, from their system generated quarterly Form GSTR-2B.
On the GSTR-3B dashboard page, an additional button ‘System computed GSTR-3B’ has also been provided, by clicking which system computed Form GSTR-3B can be downloaded in PDF format.
Taxpayer under QRMP scheme can edit the auto-drafted values as per their records and save the updated details in their Form GSTR-3B. The system will show a warning message to taxpayers in case ITC available is increased by more than 5% or ITC to be reversed is reduced even partially, by them. However, the system will not stop the filing of Form GSTR-3B in these cases.
Auto-population of Liability data in Form GSTR – 3B for QRMP taxpayers
Similar to input tax credit, the data related to the tax liability to the be discharged by the QRMP taxpayers will be auto populated in Form GSTR – 3B
Liability in Table-3 (except 3.1(d)) of Form GSTR-3B, for the taxpayers under QRMP Scheme, will now be auto-populated on the basis of Filed quarterly Form GSTR-1 (of Month 3) and Filed IFF (of Month 1 & 2). Liability of table 3.1 (d) is auto populated from the filer’s Form GSTR 2B.
Note: Data saved/ submitted in Form GSTR-1 or in IFF, will not be auto-populated as Liability, in Table-3 of Form GSTR 3B
Generation of From GSTR – 11 based on From GSTR – 1 and GSTR – 5
Entities and organizations which are falling part of the Geneva Convention or as notified by commissioner from time to time have to the take registration under UIN scheme. The main idea of having a different registration number and basis on that they can claim refund on taxes paid by them for their purchases. These organizations are not required to pay taxes as part of the treaty and they are exempted but in GST as exemptions are very limited or restriced they are provided with refund mechanism and for that they have file From GSTR – 11. Now for these taxpayers also based on the suppliers GSTR – 1 or GSTR – 5, the data is auto populated.
UIN holders are required to file details of purchases (inward supplies) in their Form GSTR-11. Now their Form GSTR-11 will be generated on the basis of Form GSTR-1 & Form GSTR-5, filed by their supplier taxpayers. This will facilitate UIN holder’s in filing their refund claim
Due to the ongoing second wave of the Covid – 19 pandemic, there are a lot of restrictions imposed on the business and common person to curtail the spread of the virus. As a part of lockdowns or restrictions, the trade and industry cannot run the business full-fledged and causing a lot of hardships in the filing of returns or meet the compliance requirements. Keeping in view of all these, the Government has provided relaxation under GST in for wavier/part wavier of interest, late fee and extension of due date for filing of returns.
Notification No 8/2021 – Central Tax Dated 1st May 2021 – Reduction & wavier of Interest for delayed payment of taxes
Interest will not be applicable for the delay in filing of returns for the first 15 days, and from 16th day to 30th day, it will be charged at 9%, and after 30 days, the interest rate will be 18%, i.e., the normal rate. The above benefit will be applicable for the following class of persons for the months of April and May 2021
Taxpayers having aggregate turnover above ₹ 5 crores during the previous financial year
Taxpayers having aggregate turnover up to ₹ 5 crores during the previous financial year and filing GSTR – 1
Taxpayers having aggregate turnover up to ₹ 5 crores during the previous financial year and filing returns under QRMP (Quarterly Returns Monthly Payment) Scheme
Taxpayers who are availing of the Composition Scheme benefit
The above notification is a retrospective notification and is effective from 18th April 2021
Notification No 9/2021 – Central Tax Dated 1st May 2021 – Relaxation in Late fee
Levy of the late fee has been waived for the taxpayers who are filing GSTR – 3B
Late fee has been waived off for the first 15 days for taxpayers having aggregate turnover above ₹ 5 crores during the previous financial year
Late fee has been waived off for the first 30 days for taxpayers who are filing GSTR – 3B on a monthly basis and quarterly basis having aggregate turnover up to ₹ 5 crores during the previous financial year
The above notification is a retrospective notification and is effective from 20th April 2021
Notification No 10/2021 – Central Tax Dated 1st May 2021
The due date for filing of GSTR – 4 by composition taxpayers has been extended to 31st May 2021.
The above notification is a retrospective notification and is effective from 30th April 2021
Notification No 11/2021 – Central Tax Dated 1st May 2021
The due date for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from 1st January 2021 to 31st March 2021 has been extended from 25th April 2021 to 31st May 2021.
Notification No 12/2021 – Central Tax Dated 1st May 2021 – Extension in filing due date for filing of GSTR – 1
The due date for filing of GSTR – 1 for the month of April 2021 has been extended to 26th May 2021.
Notification No 13/2021 – Central Tax Dated 1st May 2021 – Relaxation in matching
Relaxation in matching for the availing input tax credit for April 2021 has been provided, and the taxpayers have to do matching for the months of April and May together while filing GSTR – 3B for the month of May 2021.
Taxpayers who are filing returns under QRMP Scheme can file IFF (invoice furnishing facility) by 28th May 2021.
Notification No 14/2021 – Central Tax Dated 1st May 2021 – Relaxation in compliance proceedings due date
The time limits for the completion of compliance or any action by the tax authorities or any person which are falling between 15th April 2021 to 30th May 2021 has been extended in the following cases
a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called; or
b) filing any appeal, reply, or application or furnishing any report, document, return, statement, or other records, by whatever name is called.
The above extension is not applicable in the following cases
Related to Time of Supply
If the turnover of the composition taxpayer has crossed the threshold during this period
Section 25 – registration procedure
Section 27 – procedure-related to casual taxable person and the non-resident taxable person
Section 31 – Tax Invoice
Section 37 – provisions related to the filing of returns for outward supplies
Section 47 – provisions related to levy of late fee
Section 50 – provisions related to ley of interest
Section 69 – provisions related to power to arrest errant taxpayers
Section 90 – provisions related to Liability of partners of firm to pay tax
Section 122 – provisions related to penalties for certain offenses
Section 129 – provisions related to detention, seizure and release of goods and conveyance under transit
Section 39 – except for provisions related to sub-section (3), (4) and (5) related to TDS deductors, ISD and not resident taxpayers
Section 68 – provisions related to e-waybill
Provided that where, any time limit for completion of any action, by any authority or by any person, specified in, or prescribed or notified under rule 9 of the Central Goods and Services Tax Rules, 2017, falls during the period from the 1st day of May 2021 to the 31st day of May 2021, and where completion of such action has not been made within such time, then, the time limit for completion of such action, shall be extended up to the 15th day of June 2021;
In order to address the challenges faced by the small taxpayers who constitute to the majority of the taxpayers, the Government has launched, Quarterly Return Monthly Payment of Taxes Scheme has been launched applicable from 1st of Jan 2021. As per the 37th GST Council Minutes there were about 60 Lakhs taxpayers below ₹ 5 crores, which means about half of the taxpayers can take benefit of the scheme.
QRMP scheme is applicable to which taxpayers?
It is applicable to all taxpayers whose aggregate turnover is less than ₹ 5 crores.
2. What is the difference in the new quarterly returns scheme compared to the old scheme?
The major difference is the old scheme and new scheme are
The taxpayer has to declare monthly B2B supplies details in IFF – Invoice Furnishing Facility
The recipient can claim input tax credit during the month of purchases only once IFF is filed and not wait for the Supplier to file his GSTR – 1 on quarterly basis.
3. At what intervals the taxes have to be paid by QRMP taxpayers?
The tax has be paid on monthly basis.
4. On what basis the QRMP tax payer has to pay taxes?
There are two methods for payment of taxes by the QRMP Tax payers
35% of the cash paid in previous quarter to be paid in the first two months of the quarter and what ever is the exact liability has to be paid in the third month.
Tax liability for the month can be determined and paid after deducting the input tax credit.
5. How do we make the payment of taxes?
Tax payment will be done through two different documents
For the payment of taxes in the first two month using the Form GST PMT-06
In the third month also Form PMT-06 will be used but through Table 6 of Form GSTR-3B.
6. How do we report the B2B Tax invoices?
B2B tax invoices for the first two months of the Quarter have to be filed using the Invoice Furnishing Functionality and in the third month have to file using the GSTR – 1.
7. What are the steps to be taken for filing of GSTR – 1 and making payment of taxes under QRMP scheme for the last month of the quarter?
a) Verify the sale reported in IFF for the first two months with the sale day book and if any differences are observed, include them in the third months GSTR – 1
b) Verify the inward supplies for first two months claimed with the purchase register, if any differences are observed include them in the GSTR-3B for the third month
c) If any excess cash is paid in the first two months, the same should be adjusted with the third months liability
d) In case of any missing invoices in the first two months which were not reported or under reported, the same should be reported in GSTR – 1 of the third month and interest should be paid @ 18% from the date of tax invoice to the date of filing payment of tax
e) In case if excess input tax credit has been claimed in the first two months, then the same should be reversed in the third month and interest should be paid @24% of the excess ITC taken from the date of claim to the filing date of GSTR – 3B
f) In case of excess cash is paid and balance is there even after filing of GSTR – 3B for the third month, the excess cash balance can be claimed as refund.
As the QRMP Taxpayers are filing it for the first time, it is advised to take proper care should be taken while filing the quarterly returns and paying taxes. In case of any mistakes observed after filing of the third months return the same can be adjusted in the next quarter but the interest outflow will be more and will impact the bottom line of the taxpayers.
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