Quarterly GST returns to ease compliance from January 1

By Nitin Mittal & Co. · 2020-12-09T14:55:50.000Z

The goods and services tax (GST) taxpayers with a turnover of 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 a 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. Source: https://www.financialexpress.com/economy/quarterly-gst-returns-to-ease-compliance-from-january-1/2145043/ #IndirectTax #GST #Returns #EaseCompliance

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Nitin Mittal & Co.

New Delhi, India

The Organisation The Nitin Mittal & Co. was formed in August 2001 as a Chartered Accountancy firm. with the aim of providing a comprehensive range of services to various industries including Finance, IT Enabled /BPO, Consultancy, Manufacturing, FMCG Distributors/ Retail etc. With soaring aspiration …

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