GST Returns Filing Getting Easier for Small Firms in 2021?
Everything you need to know about the latest facility offered by GST Council to smaller firms in India.
Goods and Services Tax (GST) Returns filing is going to get easier for smaller firms from 1st January 2021, thanks to the Quarterly filing of Return with Monthly Payment (QRMP) facility. The GST Council had announced this in October 2020.
All the firms with an annual turnover up to Rs. 5 crore are eligible for QRMP facility. Currently, these firms need to fill 16 returns each year. With the new facility, they will only have to fill 8 returns viz. 4 GSTR-3B and GSTR-1 forms. In addition to reducing the burden of compliance, this will also reduce taxpayer’s professional expenses on return filing.
The QRMP facility is available on the GST common portal and interested GSTIN entities can opt-in for it based on their needs.