TMI BlogImplementation of Scheme of quarterly return filing along with monthly payment of taxesX X X X Extracts X X X X X X X X Extracts X X X X ..... sions of Section 97 of the Finance Act, 2019 which amended sub-section (1), (2) and (7) of section 39 of the CGST Act comes into force. 2 82/2020 Central Tax dated 10-11-2020 Amends the CGST Rules, 2017: - Rule 59 (Manner of furnishing details ofoutward supplies), Rule 60 (Manner ofascertaining details of inward supplies) and Rule 61 (Manner of furnishing of return) of the CGST Rules have been substituted with effect from 1st January 2021 - Sub-rule (6) to Rule 61 inserted with effect from 10th Nov 2020 - Rule 61A (Manner of opting for furnishing quarterly return) has been inserted with effect from 1st January 2021. 3 83/2020 Central Tax dated 10-11-2020 Seeks to extend the due date for filing GSTR 1 with effect from 1st January 2021: - For monthly filers of GSTR-1 11th of the following month - For quarterly filers of GSTR-1 13th day of the month following the quarter 4 84/2020 Central Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first day of second month of preceding quarter to the last day of the first month of the quarter. In order to exercise this option, the registered person must have furnished the last return, as due on the date of exercising such option. For example: A registered person intending to avail of the Scheme for the quarter July to September can exercise his option during 1st of May to 31st of July. If he is exercising his option on 27th July for the quarter (July to September), in such case, he must have furnished the return for the month of June which was due on 22/24th July. Registered persons are not required to exercise the option every quarter. Where such option has been exercised once, they shall continue to furnish the return as per the selected option for future tax periods, unless they revise the said option. For the first quarter of the Scheme i.e. for the quarter January, 2021 to March, 2021, in order to facilitate the taxpayers, it has been decided that all the registered persons, whose aggregate turnover for the FY 2019- 20 is up to 5 crore rupees and who have furnished the return in FORM GSTR-3B for the month of October, 2020 by 30 th November, 2020 , shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regate turnover exceeds 5 crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter. It is further clarified that the option to avail the QRMP Scheme is GSTIN wise and therefore, distinct persons as defined in Section 25 of the CGST Act (different GSTINs on same PAN) have the option to avail the QRMP Scheme for one or more GSTINs. In other words, some GSTINs for that PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the Scheme. Furnishing of details of outward supplies under section 37 of the CGST Act. The registered persons opting for the Scheme would be required to furnish the details of outward supply in FORM GSTR-1 quarterly as per the rule 59 of the CGST Rule. For each of the first and second months of a quarter, such a registered person will have the facility (Invoice Furnishing Facility- IFF) to furnish the details of such outward supplies to a registered person, as he may consider necessary, between the 1st day of the succeeding month till the 13th day of the succeeding month. The said details of outward supplies shall, however, not exceed the value of fifty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... twenty fifth day of the month succeeding such month. While generating the challan, taxpayers should select Monthly payment for quarterly taxpayer as reason for generating the challan. The said person can use any of the following two options provided below for monthly payment of tax during the first two months (a) Fixed Sum Method: A facility is being made available on the portal for generating a pre-filled challan in FORM GST PMT-06 for an amount equal to thirty five per cent. of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly. For easy understanding, the same is explained by way of illustration in table below: i. In case the last return filed was on quarterly basis for Quarter Ending March, 2021: Tax paid in Cash in Quarter (January March, 2021) Tax required to be paid in each of the months April and May, 2021 CGST 100 CGST 35 SGST 100 SGST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, this deposit cannot be used by the taxpayer for any other purpose till the filing of return for the quarter. Quarterly filing of FORM GSTR-3B Such registered persons would be required to furnish FORM GSTR-3B, for each quarter, on or before 22nd or 24th day of the month succeeding such quarter. In FORM GSTR-3B, they shall declare the supplies made during the quarter, ITC availed during the quarter and all other details required to be furnished therein. The amount deposited by the registered person in the first two months shall be debited solely for the purposes of offsetting the liability furnished in that quarter s FORM GSTR-3B. However, any amount left after filing of that quarter s FORM GSTR-3B may either be claimed as refund or may be used for any other purpose in subsequent quarters. In case of cancellation of registration of such person during any of the first two months of the quarter, he is still required to furnish return in FORM GSTR-3B for the relevant tax period. Applicability of Interest For registered person making payment of tax by opting Fixed Sum Method i. No interest would be payable in case the tax due is paid in the first two months of the quart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est would be payable at applicable rate on ₹ 55 [₹ 125 ₹ 70 (deposit made in cash ledger in M1 and M2)] for the period between due date of quarterly GSTR 3B and 30th April For registered person making payment of tax by opting Self- Assessment Method: Interest amount would be payable as per the provision of Section 50 of the CGST Act for tax or any part thereof (net of ITC) which remains unpaid/paid beyond the due date for the first two months of the quarter. Interest payable, if any, shall be paid through FORM GSTR-3B. Applicability of Late Fee Late fee is applicable for delay in furnishing of return/details of outward supply as per the provision of Section 47 of the CGST Act. As per the Scheme, the requirement to furnish the return under the proviso to sub-section (1) of Section 39 of the CGST Act is quarterly. Accordingly, late fee would be the applicable for delay in furnishing of the said quarterly return/details of outward supply. It is clarified that no late fee is applicable for delay in payment of tax in first two months of the quarter. The above Notifications and Circular are available on the CBIC website www.cbic.gov.in. All Trade A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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