GST COUNCIL ALLOWS QUARTERLY FILING OF GSTR-3B
The 42nd GST Council Meeting held today has decided to allow the quarterly filing of GSTR-3B returns having less than Rs. 5 Crores.
This decision of providing this facility to taxpayers was taken in the 42nd GST Council that was held today.
This facility will be available from 1st January 2021 and the number of returns for small taxpayers will be reduced from 24 to 8. Since every state needs money every month, payments can be made through challan every month, every though returns can be filed every quarter.
GST council has introduced GSTR-2B which benefits the taxpayer in calculating Input Tax Credit, this will give taxpayers a complete picture of ITC which they are entitled to.
Filing of GSTR-3B is mandatory now including NIL returns. GSTR-3B is a monthly return that taxpayers can file their return on the GST Portal. Taxpayers have to file this return by the 20th of the subsequent month.
This step is taken towards reducing the compliance burden which is particularly taken for small taxpayers having an aggregate annual turnover of less than Rs. 5 Crore.
The Council’s earlier recommendation of allowing filing of returns on a quarterly basis with monthly payments by such taxpayers to be implemented w.e.f. 01.01.2021. Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto-generated challan.
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