Home News & Interview GST Council Allows Quarterly Filing Of GSTR-3B For Turnover Of Less Than...

GST Council Allows Quarterly Filing Of GSTR-3B For Turnover Of Less Than Rs. 5Cr

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In order to ease the GST compliance and return filing for small taxpayers, the GST Council on October 5 allowed them to file GSTR-1 and GSTR-3B once a quarter instead of every month.

The 42nd GST Council Meeting held yesterday has decided to allow the quarterly filing GSTR-3B returns having less than five crores turnover.

“As a further step towards reducing the compliance burden particularly on the small taxpayers having 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 with effect from January 1, 2021,” said an official statement from the council after the meeting.

This facility will be available from January 1st, 2021. From Jan 2021, the number of returns for small taxpayers will be reduced from 24 to 8. The council also said refund can be claimed in a validated bank account linked with PAN or Aadhaar from January 2021.

This has been done as a further step towards reducing the compliance burden particularly on the small taxpayers having aggregate annual turnover < Rs. 5 cr., 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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