MANNER OF OPTING FOR FURNISHING QUARTERLY RETURN – Sailesh Bhandari & Associates

Eligibility:

You must have a registered GSTIN.
Your aggregate turnover at PAN level should be up to Rs. 5 crore in the current financial year.
You cannot opt for the scheme if your aggregate turnover exceeds Rs. 5 crore in any quarter during the same year.

Method of opting:

Time window: You can opt for the QRMP GST act 2017 scheme any time between the 1st day of the 2nd month of the preceding quarter and the last day of the 1st month of the quarter. For example, if you want to opt for the scheme for the July-September quarter, you can do so between May 1st and June 30th.
Mode of opting: You can opt for the scheme electronically through the GST Common Portal.
Steps:
1. Login to the GST portal using your credentials.
1. Go to the “Services” tab and select “Returns” option.
1. Click on “Return Dashboard” and then choose “Furnish Return”.
1. Select the “Quarterly Return Monthly Payment (QRMP)” option.
1. Confirm your selection and submit.

Things to remember:

Once opted, the QRMP scheme applies for the entire financial year unless your turnover exceeds Rs. 5 crore in any quarter.
You will need to file GSTR-1 quarterly on the 13th of the month following the quarter and make monthly tax payments through challan FORM GST PMT-06 by the 20th of each month.
You can use the Invoice Furnishing Facility (IFF) to report your B2B sales invoices for the first two months of the quarter, simplifying the GSTR-1 filing process.
Ensure you fulfill the eligibility criteria before opting for the QRMP scheme.

EXAMPLE

Tamil Nadu:

Eligibility: Businesses with an annual GST act 2017 aggregate turnover of up to Rs. 5 crore can opt for the Quarterly Return and Monthly Payment (QRMP) scheme in Tamil Nadu.
Opting In: You can opt for the QRMP scheme electronically through the GST portal. Here’s how:
- Login to the GST portal using your valid credentials.
- Go to Services > Returns > Opt-in for Quarterly Return option.
- Select the “Yes” option for opting into the QRMP scheme.
- Confirm your selection and submit the request.
Effective Date: Your chosen option for filing returns (quarterly or monthly) will be effective from the next financial quarter.
Monthly Payments: Even though you file GST act 2017returns quarterly, you must still make monthly payments of taxes due based on your provisional liability calculated in Form GSTR-3B. These payments are due by the 20th of the following month.

General Information (Applicable to all states):

You can also opt for or out of the QRMP scheme before the commencement of each GST act 2017financial year.
Businesses that cross the turnover threshold of Rs. 5 crore during the year must switch to monthly return filing from the quarter in which the limit is breached.
If you’re unsure about your eligibility or have any further questions, it’s always best to consult a chartered accountant or tax advisor for expert guidance.

FAQ QUESTIONS

Eligibility:

Turnover Limit: Businesses with an GST act 2017aggregate turnover of up to Rs. 5 crore in the preceding financial year are eligible to opt for quarterly return filing.
Types of Taxpayers: All registered taxpayers under GST, except those categorized as composition taxpayers, can opt for quarterly filing.

Opting In/Out:

Initial Option: The option to file quarterly returns is chosen during the GST registration process itself.
Mid-year Switching: Once registered, you can switch between monthly and quarterly filing at the beginning of a quarter (April, July, October, January) by informing the tax authorities through your GST portal.
Deadline for switching: You need to GST act 2017choose your filing frequency for the next quarter before the 20th day of the first month of that quarter. For example, to file quarterly for July-September 2024, you need to opt before 20th June 2024.
Automatic Switching: If your aggregate turnover exceeds Rs. 5 crore in any financial GST act 2017year, you will automatically be switched to monthly filing from the next financial year.

Return Forms:

Quarterly Returns: Under the Quarterly Return, Monthly Payment (QRMP) scheme, you need to file:
- GSTR-1: Quarterly return for outward supplies (due by 10th of the next month)
- GSTR-3B: Quarterly return for tax payment (due by 20th of the next month)
Payment: Tax liability for each quarter needs to be paid in the first two months of the quarter (by 20th of the second month) through challan form GST PMT-06.

Important Notes:

You cannot avail input tax credit (ITC) in the first two months of the quarter while filing quarterly returns.
Late filing penalty for quarterly returns is higher than that for monthly returns.
Choosing quarterly filing might not be suitable for businesses with significant monthly fluctuations in turnover.

CASE LAWS

The opting for furnishing quarterly returns under the GST Act, 2017 is not directly governed by case laws, but by Central Goods and Services Tax (CGST) Rule 61A. This rule outlines the eligibility and procedure for choosing quarterly returns. Here’s a summary:

Eligibility for Opting Quarterly Returns:

Aggregate Turnover: A registered GST act 2017 person can opt for quarterly returns if their aggregate turnover in the preceding financial year was less than Rs. 5 crore.
No Default in Returns: All due GST returns for the previous quarter must be filed before opting for quarterly returns.
Not a Casual Taxable Person: Casual taxable persons are not eligible for quarterly returns.

Procedure for Opting:

The option for quarterly returns can be exercised online through the GST portal.
This can be done at any time during the financial year, but is usually recommended before the commencement of the quarter for which the option is being exercised.
Once opted, the choice will stay for the entire financial year unless:
- The aggregate turnover exceeds Rs. 5 crore in the current financial year.
- The option is revised online through the portal.
- The Commissioner cancels the option due to non-compliance.

Case Laws and Judicial Precedents:

While there are no specific case laws on the manner of opting for quarterly returns, GST act 2017 courts have interpreted various provisions of the GST Act and Rules related to returns, which may have indirect implications on this process. For example, judgments on the meaning of “aggregate turnover” or the consequences of non-filing returns can impact the eligibility and consequences of opting for quarterly returns.

FORM AND MANNER OF SUBMISSION OF STATEMENT AND RETURN

Types of returns and statements:

Monthly returns: GSTR-1 GST act 2017 (details of all outwards supplies), GSTR-3B (summary of outwards and inwards supplies, tax liability), GSTR-5/5A (e-way bills), GSTR-6 (return for non-resident taxpayers), GSTR-7 (statement for renting of immovable property), etc.
Quarterly returns: GSTR-4 ( composition scheme taxpayers).
** annual return:** GSTR-9/9B (general/e-commerce operator).

Filing method:

All returns and statements under GST must be filed ** electronically** through the GST GST act 2017common portal. Filing paper returns is not allowed.

Specifics for different types of taxpayers:

Regular taxpayers with GST act 2017 annual turnover above Rs. 5 crore: File monthly GSTR-1 and GSTR-3B, and annual GSTR-9.
Regular taxpayers with annual turnover up to Rs. 5 crore: Opt for the QRMP scheme and file quarterly GSTR-1 and GSTR-3B, and annual GSTR-9.
** composition scheme taxpayers:** File quarterly GSTR-4.

** Due dates:**

Due dates for different returns vary. For example, GSTR-1 is due by the 10th of the next GST act 2017month, GSTR-3B by the 20th, and GSTR-9 by the 31st of December.

Additional points:

** late fee** applies for filing returns after the due date.
Certain categories of taxpayers GST act 2017 may be ** exempted** from filing specific returns.
You can find detailed information about the forms, filing procedures, due dates, and exemptions in the ** Central goods and services tax (CGST) Rules, 2017** and on the ** GST portal**.

EXAMPLE

1. The type of taxpayer: There are multiple types of taxpayers under GST, each with GST act 2017specific return filing requirements. Examples include regular taxpayers, composition taxpayers, e-commerce operators, TDS deduct or, non-resident taxpayer, etc.

2. The specific return: There are GST act 2017 22 types of GST returns prescribed under the GST Rules, but only 11 are currently active. The required return will depend on the taxpayer’s type and specific circumstances.

3. The State in India: While the core GST GST act 2017 framework is national, filing specifics can vary slightly across states. Knowing the specific state is crucial for providing relevant information.

4. The tax period: The form and frequency of GST act 2017filing may differ depending on the tax period (monthly, quarterly, or annually).

Please provide additional details to get the most accurate information:

Which type of taxpayer are you interested in (regular, composition, etc.)?
Which specific return are you asking about (GSTR-1, GSTR-3B, etc.)?
In which state of India are you located?
Is there a particular tax period you’re interested in (current month, previous quarter, etc.)?

FAQ QUESTIONS

The form and manner of submitting statements and returns under the Goods and GST act 2017Services Tax (GST) Act, 2017, depends on several factors, including:

Type of registered person: Different types of registered persons (e.g., regular taxpayers, composite taxpayers, small taxpayers) have different filing requirements.
Frequency of filing: Certain returns are filed monthly, quarterly, or annually.
Specific state: While the basic GST act 2017 framework of GST is pan-India, each state has its own legislation and may have specific form requirements or deadlines.

To provide you with the most accurate information, I need some additional details:

What type of registered person are you? (e.g., regular taxpayer, composite taxpayer, small taxpayer)
What specific state are you located in?
Are you looking for information on a specific type of return or statement? (e.g., GSTR-1, GSTR-3B, annual return)

CASE LAWS

The form and manner of submitting statements and returns under the GST Act, 2017, are primarily governed by Central Goods and Services Tax (CGST) Rules, 2017, along with relevant notifications GST act 2017 and amendments issued by the government. While case laws don’t directly dictate the forms and processes, they can offer insights into interpretation and application of these rules in specific situations.

Forms for Statement and Return:

GSTR-1: Monthly return for outward supplies of goods or services.
GSTR-2: Monthly return for inward supplies of goods or services.
GSTR-3B: Simplified monthly/quarterly return for summarizing tax liabilities.
GSTR-4: Annual return for comprehensive details of all transactions in a financial year.
GSTR-CMP-08: Statement for payment of self-assessed tax under composition scheme.

Manner of Submission:

All returns and statements must be submitted electronically through the GST Common Portal.
Filing deadlines vary depending on GST act 2017 the form and turnover of the registered person. Generally, monthly returns are due by the 20th of the following month, while GST act 2017quarterly returns are due by the 18th of the month succeeding the quarter.
Annual return (GSTR-4) is due by the 30th of April following the end of the financial year.

Case Laws: Relevancy and Examples:

While not directly setting forms or procedures, case laws can provide:

Interpretation of rules: Clarification on ambiguous provisions or application in specific scenarios.
Relief in case of non-compliance: Instances where courts have granted relief for GST act 2017genuine mistakes or technical issues in filing.
Judicial precedents: Guidance for future cases with similar circumstances.

Here are some examples of relevant case laws:

M/s. Jindal Stainless Ltd. Vs. Union of India & Ors. (2020 SCW 694): GST act 2017Clarified the scope of exemption for deemed exports under section 16(4) of the GST Act.
Union of India Vs. M/s. Asian Paints Ltd. (2021 SCC 597): GST act 2017Interpreted the meaning of “place of supply” for services provided across state borders.
M/s. Shree Ganesh Rice Mill & Ors. Vs. Union of India & Ors. (2020 WPL 834): Granted relief for delay in filing GSTR-1 due to technical issues on the GST portal.

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