The Goods and Services Tax (GST) taxpayers with turnover up to Rs 5 crore will have the option to ease their compliance burden from January 1, as the facility to file GSTR-3B only on quarterly basis kicks in. Currently, GSTR-3B is filed on a monthly basis along with payment of taxes.
The Quarterly filing of Return with Monthly Payment (QRMP) scheme, which was approved by the GST Council in October, means that instead of a mandatory 16 returns that need to be filed a year (12 GSTR-3B and 4 GSTR-1), the new system would provide for 8 returns (4 GSTR-3B and 4 GSTR-1).
The scheme will cover 92% or 94 lakh GST-registered taxpayers. Currently, there are about 1.2 crore registered taxpayers, including 17 lakh composition dealers.
However, an assessee opting for the scheme will need to pay tax on monthly basis but will have the option to either discharge the actual liability via the cash ledger or through a pre-filled challan amounting to 35% of the cash paid as taxes in the previous quarter.
“This may also reduce his tribulations of late fee, as the pre-filled challan will allow taxpayers to deposit monthly 35% of the cash paid in the previous quarter in the electronic cash ledger,” a source said.
The sources said that the scheme was aimed at cutting down compliance cost of smaller taxpayers who are forced to engage professional help for filing returns. —FE
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines