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October 5, 2020

Quarterly GST Returns from January 2021 for turnover less than Rs 5 Cr

by facelesscompliance in GST

Quarterly GST Returns from January 2021 for turnover less than Rs 5 Cr

From Jan 1, 2021,Taxpayer with annual turnover less than Rs. 5 Crore need not file monthly returns (GSTR-3B and GSTR-1); quarterly returns will do – Finance Secretary

From Jan 1, 2021, filing of quarterly GST returns will do However, since states require money every month, payments can be made through challan every month, even though returns can be filed every quarter – Finance Secretary

GST Council decision to make returns for small taxpayers on quarterly basis rather than monthly basis will be a major relief to small taxpayers No. of returns comes down from 24 monthly returns to 8 returns, from 1st January 2021 – Finance Secretary

From the first of January onwards, the taxpayers whose annual turnover is less than Rs 5 crores will not be required to file monthly returns i.e GSTR 3B and GSTR1. They will only file quarterly returns: Finance Secretary Ajay Bhushan Pandey at the 42nd GST Council meeting

GSTR-2B has been provided to help Taxpayers calculate input tax credit; it will give taxpayers a complete idea of the ITC they are entitled to : Finance Secretary

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